Try another version of this question X Wholesale Company began the year with merchandise inventory of $10,300. During the year, X Wholesale Company purchased $92,000 of goods and returned $6,400 due to damage. X Wholesale Company paid freight charges of $1,000 on inventory purchases. At year-end, X Wholesale Company ending merchandise inventory balance stood at $15,200. 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 10,300 Purchases 92,000 Less: Purchases Returns & Allowances -6,400 Plus: Freight In 1,000Single line Single line Net Purchases Single line86,600Single line Goods Available for Sale Single line96,900 Less: Ending Merchandise Inventory -15,200Single line Cost of Goods Sold Single line81,700Double line