Upper S Wholesale Company began the year with merchandise inventory of $ 13 comma 000. During the year, Upper S purchased $ 95 comma 000 of goods and returned $ 6 comma 200 due to damage. Upper S also paid freight charges of $ 1 comma 200 on inventory purchases. At year-end, Upper S's ending merchandise inventory balance stood at $ 16 comma 900. Assume that Upper S uses the periodic inventory system. Compute Upper S's cost of goods sold for the year.

5. understanding marginal and average tax rates consider the economy of citronia, where citizens consume only oranges. assume that oranges are priced at $1 each. the government has devised the following tax plans: plan a • consumption up to 1,000 oranges is taxed at 50%. • consumption higher than 1,000 oranges is taxed at 20%. plan b • consumption up to 2,000 oranges is taxed at 15%. • consumption higher than 2,000 oranges is taxed at 60%. use the plan a and plan b tax schemes to complete the following table by deriving the marginal and average tax rates under each tax plan at the consumption levels of 300 oranges, 1,200 oranges, and 3,000 oranges, respectively. consumption level plan a plan b (quantity of oranges) marginal tax rate average tax rate marginal tax rate average tax rate (percent) (percent) (percent) (percent) 300 1,200 3,000 complete the following table by indicating whether each plan is a progressive tax system, a proportional tax system, or a regressive tax system. progressive proportional regressive plan a plan b