For the current year, the following data were taken from the

accounting records:

Sales$900,000

Sales Returns and Allowances30,000

Purchases500,000

Purchase Returns and Allowances8,000

Purchase Discounts4,000

Freight-in2,000

Beginning Inventory90,000

Ending Inventory130,000

What was the cost of goods purchased?

Question 50 options:

$620,000

$530,000

$490,000

$580,000