The following information is available at year end:

Net Sales $200

Cost of Goods Sold ??

Gross Profit ??

Ending Inventory 65

Ending Retained Earnings 250

Purchases (gross) 120

Dividends 8

Purchase Discounts ??

Beginning Retained Earnings 210

Net Purchases ??

Net Income ??

Beginning Inventory 30

Operating Expenses 71

Cost of goods sold and purchase discounts must be what amounts?

A. Cost of Goods Sold: $81

Purchase Discounts: $4

B. Cost of Goods Sold: $97

Purchase Discounts: $12

C. Cost of Goods Sold: $81

Purchase Discounts: $74

D. Cost of Goods Sold: $97

Purchase Discounts: $58

E. Cost of Goods Sold: $81

Purchase Discounts: $12