Blossom Company's accounting records show the following for the year ending on December 31, 2017.

Purchase Discounts $ 11000

Freight-in 15300

Purchases 689020

Beginning Inventory 55000

Ending Inventory 45600

Purchase Returns and Allowances 15100

Using the periodic system, the cost of goods purchased is

Answer: $678,220

Explanation:

Given that,

Purchase Discounts = $ 11,000

Freight-in = $15,300

Purchases = $689,020

Beginning Inventory = $55,000

Ending Inventory = $45,600

Purchase Returns and Allowances = $15,100

Cost of goods purchased:

= Purchases + Freight in - Purchase discounts - Purchase returns and allowances

= $689,020 + $15,300 - $ 11,000 - $15,100

= $678,220