Bloomington,Inc What Is the Cost of Goods Sold for the Year

Multiple Choice

Bloomington,Inc.is a merchandiser of stone ornaments.The company sold 7,000 units during the year.The company has provided the following information: $$\begin{array} { | l | r | } \hline \text { Sales Revenue } & \$ 550,000 \\\hline \text { Purchases (excluding freight in) } & 304,000 \\\hline \text { Selling and Administrative Expenses } & 69,000 \\\hline \text { Freight In } & 15,000 \\\hline \text { Beginning Merchandise Inventory } & 43,000 \\\hline \text { Ending Merchandise Inventory } & 42,000 \\\hline\end{array}$$ What is the cost of goods sold for the year?

A) $362,000
B) $320,000
C) $318,000
D) $305,000