M Wholesale Company began the year with merchandise inventory of $12,000. During the year, M purchased $92,000 of goods, had purchase discounts of $100, and returned $6,000 due to damage. M also paid freight charges of $1,600 on inventory purchases. At year-end, M’s ending merchandise inventory balance stood at $16,900. Assume that M uses the periodic inventory system. Compute M’s cost of goods sold for the year.