T Wholesale Company began the year with inventory of ($8,000.) During the year, T purchased ($90,000) of

Question:

T Wholesale Company began the year with inventory of $$8,000.$ During the year, T purchased $$90,000$ of goods and returned $$6,000$ due to damage. T also paid freight charges of $$1,000$ on inventory purchases. At year-end T's adjusted inventory balance stood at $$1$ 1,000. T uses the periodic inventory system. Compute T's cost of goods sold for the year.

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