Mantle Company's accounting records show the following at the year ending on December 31 2016: $$\begin{array}{lr}\text{ Purchase Discounts }& \$16,500\\ \text{ Freight - In }& 22,100\\ \text{ Purchases }& 413,000\\ \text{ Beginning Inventory }& 47,000\\ \text{ Ending Inventory }& 57,600\\ \text{ Purchase Returns }& 15,600\end{array}$$ Using the periodic system the cost of goods purchased is

A) $380900.
B) $423000.
C) $403000.
D) $413600.

Periodic System

An inventory accounting system where updates to inventory levels and cost of goods sold are made at the end of an accounting period.

Purchase Discounts

Reductions in the price of goods purchased, usually as a reward for early payment to the supplier.

Freight-In

The cost associated with getting inventory to a business, usually included in the cost of goods sold.