Periodic Inventory Reid & Company uses the periodic inventory system. On January 1, it had an inventory balance of $250,000. During the year, it made $613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of $140,000. Calculate Reid & Company's cost of goods sold for the year.

Periodic Inventory Reid \& Company uses the periodic inventory system. On January 1 , it had an inventory balance of $250,000, During the year, it made $613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of $140,000. Calculate Reid 2 Company's cost of goods sold for the year