Jron statement of income. *BE5.16 (LO 6) Bassing Corp. uses a periodic inventory system and reports the following information: sales $1,708,000; purchases $880,000; purchase returns and allowances $13,000; purchase discounts $14,000; freight in $16,000; freight out $37,000; beginning inventory $96,000; and ending inventory $82,000. Assuming Bassing uses a multiple-step statement of income, calculate (a) net purchases, (b) cost of goods purchased, (c) cost of goods sold, and (d) gross profit. Prepare cost of goods sold