Using the following information, prepare the Cost of Goods Sold section of an income statement.

Purchases Discounts	$8,500
Merchandise Inventory, December 31	189,000
Purchases	476,000
Merchandise Inventory, January 1	185,000
Purchases Returns and Allowances	9,000
Freight In	12,000

Income Statement (Partial)
			$
		$
	$
Net Purchases		$
			$
				$