Explain your answer.

5. Use this information to answer the following question Credit Account Name Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Debit 300,000 10,000 62,000 8,000 reight-In Selling Expenses General and Administrative Expenses 12,000 30,000 110,000 In addition, beginning merchandise inventory was $22,000 and ending merchandise inventory was $14,000 Cost of goods sold for the period was a. $74,000 b. $62,000 c. $88,000 d. $58,000