Mr. Irfan had the following balances in his trial balance at the year-end: Opening inventory $8,500 Sales $95,000 Purchases $68,000 Carriage inwards $4,000 Carriage outwards $3,000 Purchase returns $3,500 Sales returns $5,600 Irfan's inventory at the year-end had a value of $7,000. Compute Cost of Goods Purchased as shown in the Income Statement: Compute Cost of Sales as shown in the Income Statement