Periodic System - Calculating Cost of Goods Sold from Component Accounts Symmetrical Inc. maintains a periodic inventory system. On January 1 the inventory balance was $77,500. The physical inventory count on December 31 resulted in an ending inventory balance of $93,000. The company reported purchases of $465,000, freight charges on purchases of $24,800, and purchase returns of $3,100. What should the company report as cost of goods sold for the year