The following information was taken from the financial records of Jackpot Corporation " at its year end of October 31. 2015. The company uses the periodic inventory system Freight-in $ 7,000 Interest expense 1,000 Inventory November 1, 2014 165,000 Inventory October 31, 2015 210,000 Purchase returns and allowances 12,000 Purchases 235,000 Purchase discounts 5,000 Rent expense 4,800 Sales discounts 3,000 Sales returns and allowances 30,000 Salaries expense 112,000 Sales revenue 360,000 Required: Calculate Cost of Goods Sold