More info Purchases Purchase Discounts Purchase Returns and Allowances Freight in Inventory, December 31, 2016 Inventory, December 31, 2017 $ 174,000 8,400 10,400 8,700 37,000 42.000 Print Done The periodic inventory records of Patterson Convenience Stores include these accounts at December 31, 2017 Click the icon to review the data) Required: Compute Patterson Convenience's cost of goods sold for 2017 We need to use a formula to determine cost of goods sold Fist complete the formula up to not purchases, and then complete the remainder Cost of goods sold Less Nu purchases Les The periodic inventory records of Patterson Convenience Stores include these accounts at December 31, 2017 (Click the icon to review the data) Required: Compute Patterson Convenience's cost of goods sold for 2017 Coot of goods sold Loss Net purchases Les Cost of goods sold