Given the information below figure cost of goods sold: cash = 1,300,000 accounts receivable = 1,750 sales = 275,500 purchases = 18,000 merchandise inventory (31 Dec) = 19,275 accounts payable = 6,353 transportation-in = 2,300 prepaid insurance = 15,000 purchase discounts - 500 sales discounts 750 purchase returns and allowances - 350 sales returns and allowances - 205 merchandise inventory (1 Jan) 40,000 depreciation expense delivery equipment - 4,500 wages expense = 46,500 supplies = 2,450 capital = 278,346