PW AUDIO SUPPLY, INC. Cost of Goods Sold For the Year Ended December 31, 2022 Cost of goods sold Inventory, January 1 $36,000 Purchases $325,000 Less: Purchase returns and allowances $10,400 Purchase discounts 6,800 17,200 Net purchases 307,800 Add: Freight-in 12,200 Cost of goods purchased 320,000 Cost of goods available for sale 356,000 Inventory, December 31 40,000 Cost of goods sold $