Ray Company's accounting records show the following at the year ending on December 31, 2016: Purchase Discounts $ 16,500 Freight - In 22,100 Purchases 413,000 Beginning Inventory 47,000 Ending Inventory 57,600 Purchase Returns 15,600 Using the periodic system, the cost of goods purchased is Select one: 4 e a. $423,000. b. $413,600. C. $403,000. d. $380,900