Question 7) Assume that Tract Company uses a periodic inventory system and has these account balances: Purchases $959,000; Purchase Returns and Allowances $13,700; Purchase Discounts $9,800; Freight-In $16,000, Beginning Inventory $60,000, Net Sales $999,999, and Ending Inventory $90,000. Instructions (no color required) A. Determine Net Purchases and Cost of Goods Purchased. B. Determine Cost of Goods Sold and Gross Profit