Journey Luggage uses a periodic inventory system and has the following account balances:

Begining Inventory $31,00

Purchase Discounts 2,000

Purchase Returns and Allowances 3,000

Operating Exoenses 88,000

Endind Inventory 18,000

Purchases 240,000

Freight- In 11,000

Net sales 489,000

Instructions: Compute each of the following: 1) Net purchases 2) Cost of goods available for sale 3) Cost of goods sold