Try another version of this question X Wholesale Company began the year with merchandise inventory of $11,500. During the year, X Wholesale Company purchased $94,600 of goods and returned $6,100 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 $16,700. 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 11,500 Purchases 94,600 Less: Purchases Returns & Allowances -6,100 Plus: Freight In 1,400Single line Single line Net Purchases Single line89,900Single line Goods Available for Sale Single line101,400 Less: Ending Merchandise Inventory -16,700Single line Cost of Goods Sold Single line84,700Double line