Try another version of this question X Wholesale Company began the year with merchandise inventory of $10,700. During the year, X Wholesale Company purchased $92,200 of goods and returned $7,000 due to damage. X Wholesale Company paid freight charges of $1,500 on inventory purchases. At year-end, X Wholesale Company ending merchandise inventory balance stood at $17,200. 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 10,700 Purchases 92,200 Less: Purchases Returns & Allowances -7,000 Plus: Freight In 1,500Single line Single line Net Purchases Single line86,700Single line Goods Available for Sale Single line97,400 Less: Ending Merchandise Inventory -17,200Single line Cost of Goods Sold Single line80,200Double line