began the year with inventory of $ $16$ comma $000.$ During the$$ year, Minit purchased $ $180$ comma $000$ of goods and returned $ $12$ comma $000$ due to damage. Minit also paid freight charges of $ $1$ comma $500$ on inventory purchases. At year$$ end, Minit$\text{'}$s inventory based on the physical inventory count stood at $ $32$ comma $000.$ Minit uses the periodic inventory system.

Compute Minit $$Company$\text{'}$s cost of goods sold for the year.

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Part $1$

Cost of Goods Sold:

Less:

Net purchases

Cost of goods available

Less:

Cost of goods sold

Time Remaining: $01$:$43$:$42$