Pharoah Luggage uses a periodic inventory system and has the following account balances: Beginning inventory Purchase Discounts Purchase Returns and Allowances Operating Expenses Compute each of the following: (1) (2) (3) Net purchases Cost of goods available for sale Cost of goods sold $34,720 2,240 3,360 LA $ Ending Inventory 98,560 Net sales $ Purchases Freight-In $20,160 268,800 12,320 547,680

Pharoah Luggage uses a periodic inventory system and has the following account balances