Hall Company has the following account balances for the current year. Required: Compute the missing amounts. Beginning Merchandise Inventory $ 40,000 Purchases 312,000 Purchases Returns and Allowances 1,150 Purchase Discounts Freight-In 1,600 Cost of Goods Purchased Cost of Goods Available for Sale 350,910 Ending Merchandise Inventory 42,000 Cost of Goods Sold 308,910 ? Explanation Check