On January 1, 2022, Cullumber Company had inventory of $50,500. At December 31, 2022, Cullumber had the following account balances. Freight-in Purchases $4,100 506,000 Purchase discounts 7,000 Purchase returns and allowances 2,400 Sales revenue 807,000 Sales discounts 5,600 Sales returns and allowances 10,700 At December 31, 2022, Cullumber determines that its ending inventory is $60,500. Cullumber uses the periodic inventory system.