Cost of Goods Sold Shaquille Corporation began the current year with inventory of $50,000. During the year, its purchases totaled $110,000. Shaquille paid freight charges of $8,500 for these purchases. At the end of the year, Shaquille had inventory of $47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year. SHAQUILLE CORPORATION Schedule for Cost of Goods Sold For the Year Ended December 31, Current Year Beginning inventory x Purchases Freight-in Net purchases Cost of goods available for sale Less: Ending inventory Cost of goods sold x x