The year-end trial balance for a company contained the following information: Account Debit Credit Inventory, Beginning $32,500 Sales revenue $385,000 Sales returns 12,500 Purchases 245,000 Purchase discounts 6,500 Purchase returns 18,000 Freight-in In addition, you determine that the year-end inventory balance is $40,500. Required: Calculate the cost of goods sold for the year. Cost of goods sold