Smith Company's accounting records show the following at the yearend December 31, 2017. Purchase Discounts $3,400 Freight-In 6,100 Purchases 162,500 Beginning Inventory 18,000 Ending Inventory 20,000 Purchase Returns and Allowances 5,200 Assuming that Smith Company uses the periodic system, Which of the following statement is false? A. Net purchases (or called cost of goods purchased) $160,000. are B.Cost of goods sold is $178,000. C. A company using a perpetual system makes an entry to record cost of goods sold and to reduce inventory each time a sale is made. D. A company using a periodic system does not determine cost of goods sold until the end of the period