Answer:
$11,886
Step-by-step explanation:
the cost of merchandise purchased = purchases (goods purchased by the company) + freight in costs (cost of transporting purchased goods to the company) - purchase returns and allowances (goods returned to suppliers) - purchase discounts (discounts handed out by suppliers) = $14,439 + $467 - $2,701 - $319 = $11,886
The initial inventory is not included in the calculation since it was purchased during previous periods.