Calculate the Cost of Goods Sold for a Merchandiser Using

Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the following details. $$\begin{array} { | l | r| } \hline \text { Purchases } & \$ 510,000 \\\hline \text { Beginning Merchandise Inventory } & 175,000 \\\hline \text { Purchase Returns and Allowances } & 50,000 \\\hline \text { Purchase Discounts } & 12,000 \\\hline \text { Freight In } & 18,000 \\\hline \text { Ending Merchandise Inventory } & 160,000 \\\hline\end{array}$$

A) $510,000
B) $481,000
C) $499,000
D) $801,000