The Wholesale Company began the year with inventory of $24,000. During the year, the company purchased $272,000

Question:

The Wholesale Company began the year with inventory of $24,000. During the year, the company purchased $272,000 of goods and returned $18,000 due to damage. At year end, the Inventory balance was $34,000. The Wholesale Company uses the periodic inventory system.
Compute the Wholesale Company's cost of goods sold for the year.