The following Information was taken from the financial records of Jackpot Corporation Corpora mation w pany uses the periodic Inventory syste this year end of October 31 2015 . The company uses the periodic inventory system Freight - in 7 000 Interest expense Inventory November 1 2014 165 000 Inventory October 31 , 2015 210,000 Purchase returns and allowances Purchases 235, 000 Purchase discounts Rent expense Sales discounts ales returns and allowances Salaries expense 112 000 Sales revenue GO OOO Required : Show the calculation for the cost of goods sold