A Company That Uses the Periodic Inventory Method Provided the Following

Multiple Choice

A company that uses the periodic inventory method provided the following information:
1.Beginning inventory $3000
2.Purchases $140,000
3.Purchase discounts $2200
4.Purchase returns and allowances $1000
At the end of the period,the company does an inventory count and finds $16,000 worth of inventory on hand.
What is the amount of Cost of sales?

A) $147,400
B) $155,800
C) $123,800
D) $140,000