Gently Used Cars Is a Dealer That Uses the Periodic

Essay

Gently Used Cars is a dealer that uses the periodic inventory system.The data presented below is from the accounting records of Gently for the year ended December 31, 2016. $$\begin{array} { l r } \text { Sales } & \$ 585,000 \\\text { Sales Discounts } & 3,000 \\\text { Purchases } & 420,000 \\\text { Purchase Returns } & 5,000 \\\text { Inventory (January 1) } & 33,000 \\\text { Inventory (December 31) } & 37,000 \\\text { Operating Expenses } & 146,000 \\\text { Transportation-in } & 10,000 \\\text { Retained Earnings (January 1) } & 71,000\end{array}$$ ​
Using the amounts provided above, calculate the cost of goods sold for 2016.