Use the following information to solve the following questions. A retailer has a periodic inventory system.

Ending inventory.................................................................. $65,000

Purchase returns.................................................................. $5,000

Operating expenses............................................................ $95,000

Purchase discounts............................................................. $10,000

Sales.......................................................................................... $320,000

Freight in................................................................................. $20,000

Beginning inventory............................................................. $70,000

Purchases............................................................................ $180,000

Net purchases would be: Answer a.$165,000 b.$170,000 c.$160,000 d.$175,000

Cost of goods available for sale would be: Answer a.$235,000 b.$250,000 c.$245,000 d.$255,000 e.$240,000

Cost of goods sold would be Answer a.$165,000 b.$175,000 c.$190,000 d.$180,000