Compute cost of goods purchased and cost of goods sold

Reference no: EM131920652

Problem

Mountain Lake Corporation's accounting records show the following at year-end December 31, 2014:

Purchase Discounts	$5,850	Beginning Inventory	$33,510
Freight-In	9,690	Ending Inventory	28,960
Freight-Out	11,510	Purchase Returns and Allowances	4,060
Purchases	165,460

Assuming that Mountain Lake Corporation uses the periodic system, compute cost of goods purchased and cost of goods sold.

Reference no: EM131920652

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