X Wholesale Company began the year with merchandise inventory of
X Wholesale Company began the year with merchandise inventory of $11,000. During the year, X purchased $93,000 of goods and returned $6,700 due to damage. X also paid freight charges of $ 1,200 on inventory purchases. At year-end, X’s ending merchandise inventory balance stood at $17,300. Assume that X uses the periodic inventory system. Compute X’s cost of goods sold for the year.
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