P5-2A Powell Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following mer- chandising transactions occurred. June 1 Purchased books on account for $1,040 (including freight) from Catlin Publishers, terms 2/10, n/30. 0 3 Sold books on account to Garfunkel Bookstore for $1,200. The cost of the merchandise sold was $720. Seller 6 Received $40 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1,200. The cost of the merchandise sold was $730. BE5-8 Silas Company sold goods with a total selling price of $800,000 during the year. It purchased goods for $380,000 and had beginning inventory of $67,000. A count of its end- ing inventory determined that goods on hand was $50,000. What was its cost of goods sold