For the current fiscal year, Purchases were $250,000, Purchase Returns and Allowances were $8,000, Purchase Discounts were $2,000 and Freight In was $30,000. If the beginning merchandise inventory was $60,500 and the ending merchandise inventory was $76,000, the Cost of Goods Sold is:

Multiple Choice

A) $270,000

B) $274,500

C) $285,500

D) $254,500

Please show how you obtained the answer. Thank you.