Question: Assuming the periodic inventory system is used for the current year, the following data were taken from the accounting records: Purchases $250,000 Purchase returns and

Assuming the periodic inventory system is used for the current year, the following data were taken from the accounting records:

Purchases $250,000

Purchase returns and allowances $5,000

Discount received $2,000

Freight-in $4,000

Beginning inventory $45,000

Ending inventory $65,000

What was the amount for net purchases?

a.

$241,000.

b.

$292,000.

c.

$245,000.

d.

$246,000.

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