Assume that Guardian Company uses a periodic inventory system and has these account balances: Purchases $500,000; Purchase Returns and Allowances $14,000; Purchase Discounts $9,000; and Freight-in $15,000. Determine net purchases and cost of goods purchased.

Net purchases:

= Purchases - Purchase Returns and Allowances - Purchase Discount

= 500,000 - 14,000 - 9,000

= $477,000

Cost of goods sold:

= Net purchase + Freight-in

= 477,000 + 15,000

= $492,000

commercial banking

provide online payment services

provide online banking

asset management firms

invest in people's funds in securities

accept tax return refunds

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