Try another version of this question X Wholesale Company began the year with merchandise inventory of $11,400. During the year, X Wholesale Company purchased $92,000 of goods and returned $6,900 due to damage. X Wholesale Company paid freight charges of $1,200 on inventory purchases. At year-end, X Wholesale Company ending merchandise inventory balance stood at $15,400. Assume that X Wholesale Company uses the periodic inventory system. Compute X Wholesale Company cost of goods sold for the year. Be sure to use a negative sign when needed. Description Amount Total Single line Single line Net Purchases Single lineSingle line Goods Available for Sale Single line Single line Cost of Goods Sold Single lineDouble line Description Amount Total Beginning Merchandise Inventory 11,400 Purchases 92,000 Less: Purchases Returns & Allowances -6,900 Plus: Freight In 1,200Single line Single line Net Purchases Single line86,300Single line Goods Available for Sale Single line97,700 Less: Ending Merchandise Inventory -15,400Single line Cost of Goods Sold Single line82,300Double line