Using the information in the table below, calculate the proper amount of cost of goods sold for the period. Adapt the provided formula to the amounts given to find the answer.

Purchases - $275,000

Purchase Returns - $12,500

Freight-In - $45,000

Freight-Out - $15,000

Beginning Inventory - $95,000

Ending Inventory - $67,000

(a) $290,500

(b) $303,500

(c) $320,500

(d) $335,500

$36,000 $325,000 $10,400 6,800 Cost of goods sold Inventory, January 1 Purchases Less: Purchase returns and allowances Purchase discounts Net purchases Add: Freight-in Cost of goods purchased Cost of goods available for sale Inventory, December 31 Cost of goods sold 17,200 307,800 12.200 320,000 356,000 40,000 $316,000