Assume that Kowloon Company uses a periodic inventory system and has these account balances (in thousands): Purchases

Question:

Assume that Kowloon Company uses a periodic inventory system and has these account balances (in thousands): Purchases W 430,000; Purchase Returns and Allowances W 13,000; Purchase Discounts W 8,000; and Freight-In W 16,000. Determine net purchases and cost of goods purchased.