Minit Company began the year with inventory of $16,000. During the year, Minit purchased $180,000 of goods and returned $12,000 due to damage. Minit also paid freight charges of $2,000 on inventory purchases. At year end, Minit's inventory based on the physical inventory count stood at $22,000. Minit uses the periodic inventory system. Compute Minit Company's cost of goods sold for the year.