PART V COMPUTATION OF NET PURCHASES/COST OF GOODS SOLD (10 points) Samson Luggage uses a periodic inventory system and has the following account balances: $31,000 2,000 3,000 88,000 Beginning Inventory Ending Inventory Purchases Freight-In Net sales $ 18,000 240,000 11,000 489,000 Purchase Discounts Purchase Returns and Allowances Operating Expenses Instructions: Compute each of the following: (1) Net purchases (2) Cost of goods available for sale (3) Cost of goods sold