Assume that Pharoah Company uses a periodic inventory system and has these account balances: Purchases $351,600; Purchase Returns and Allowances $12,300; Purchase Discounts $6,300; and Freight-in $17,000. Determine net purchases and cost of goods purchased.

If quotas on sugar were eliminated in the united states, domestic production of sugar would fall. why is this a benefit in economic terms for the united states? i. resources are freed up that could be used more efficiently elsewhere. ii. it is beneficial because it allows foreign producers of sugar to earn income and thus those countries are better off. iii. u.s. consumers are able to enjoy increased consumer surplus because of the lower prices of imported sugar.