The following information were obtained from Company X’s accounting records:

Sales for the 11 months ended November 30             3,400,000

Sales for the year ended December 31                        3,840,000

Purchases for 11 months ended November 30           2,700,000

Purchases for year ended December 31                      3,200,000

Inventory, January 1                                                      350,000

Inventory, November 30 (per physical count)              380,000

Additionally, the following were noted:

 Shipments received in unsalable condition and excluded from physical inventory:

Total at November 30                                                        4,000

Total at December 31 (incl. Nov. 30 Unrecorded returns) 6,000

The returns were not recorded because no credit memos were received from vendors.

 Deposit made with vendor and charged to Purchases in October. The goods were shipped in January of the current year. 8,000

 Deposit made with vendor and charged to Purchases in November. The goods were shipped FOB destination on November 29 and were included in the physical inventory as goods in transit. 22,000

 Shipments received in November and included in the physical count at November 30 but recorded as December purchases. 30,000

 Due to the carelessness of the receiving department, a December shipment was damaged by rain. These goods were later sold at cost in December. 40,000

Based on the preceding information, determine:  Net purchases , Cost of goods sold  and  Estimated ending inventory as of December 31.

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