Try another version of this question X Wholesale Company began the year with merchandise inventory of $11,000. During the year, X Wholesale Company purchased $93,700 of goods and returned $6,900 due to damage. X Wholesale Company paid freight charges of $800 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 11,000 Purchases 93,700 Less: Purchases Returns & Allowances -6,900 Plus: Freight In 800Single line Single line Net Purchases Single line87,600Single line Goods Available for Sale Single line98,600 Less: Ending Merchandise Inventory -15,500Single line Cost of Goods Sold Single line83,100Double line