Try another version of this question X Wholesale Company began the year with merchandise inventory of $10,100. During the year, X Wholesale Company purchased $91,500 of goods and returned $6,400 due to damage. X Wholesale Company paid freight charges of $1,400 on inventory purchases. At year-end, X Wholesale Company ending merchandise inventory balance stood at $15,500. 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 10,100 Purchases 91,500 Less: Purchases Returns & Allowances -6,400 Plus: Freight In 1,400Single line Single line Net Purchases Single line86,500Single line Goods Available for Sale Single line96,600 Less: Ending Merchandise Inventory -15,500Single line Cost of Goods Sold Single line81,100Double line