The following data pertains to Taylor Company for the year. Compute the cost of goods purchased and cost of goods sold.

Purchases	$480,000
Beginning Merchandise Inventory	$70,000
Marketing and Advertising Costs	$52,000
Shipping of Merchandise to Customers	$14,000
General and Administrative Costs	$65,000
Ending Merchandise Inventory	$84,000
Merchandise Freight-in	$20,000
Purchase Returns and Allowances	$23,000
Purchase Discounts	$25,000