Try another version of this question X Wholesale Company began the year with merchandise inventory of $12,000. During the year, X Wholesale Company purchased $94,900 of goods and returned $6,200 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 $15,300. 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 12,000 Purchases 94,900 Less: Purchases Returns & Allowances -6,200 Plus: Freight In 1,000Single line Single line Net Purchases Single line89,700Single line Goods Available for Sale Single line101,700 Less: Ending Merchandise Inventory -15,300Single line Cost of Goods Sold Single line86,400Double line