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 $6,600 due to damage. X Wholesale Company paid freight charges of $1,300 on inventory purchases. At year-end, X Wholesale Company ending merchandise inventory balance stood at $17,300. 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 -6,600 Plus: Freight In 1,300Single line Single line Net Purchases Single line86,900Single line Goods Available for Sale Single line97,600 Less: Ending Merchandise Inventory -17,300Single line Cost of Goods Sold Single line80,300Double line