Yellow Centre Inc. uses the periodic inventory system and a classified income statement to report its earnings. Selected information is presented below: Insurance Expense Freight out Net Sales Cost of goods sold Dividend declared Ending Inventory Beginning Inventory Purchases returns and allowances Purchase discounts Freight in Interest revenue Interest expense Income tax expense Cost of goods purchased would be: $18,000 $10,000 $97,000 $47,000 $15,000 $33,000 $31,000 $5,000 $5,900 $15,000 $20,000 $11,000 $5,300

Yellow Centre Inc. uses the periodic inventory system and a classified income statement to report its earnings. Selected information is presented helow