For the Current Fiscal Year, Purchases Were $680,000, Purchase Returns

Multiple Choice

For the current fiscal year, Purchases were $680,000, Purchase Returns and Allowances were
$21,640, Purchase Discounts were $5,800 and Freight In was $41,500. If the beginning merchandise inventory was $240,000 and the ending merchandise inventory was $215,000, the Cost of Goods Sold is:

A) $501,060
B) $719,060
C) $636,060
D) $476,060