For the current fiscal year, Purchases were $250,000, Purchase Returns and Allowances were $4,000 and Freight In was $19,000lf the beginning merchandise inventory was S160.000 and the ending merchandise inventory was $85,000, the Cost of Goods Sold is: Multiple Choice $340,000 $348,000 $302,000 $152.000 The beginning capital balance shown on a statement of owner's equity is $54,000. Net income for the period is $16,000 and the owner withdrew $20,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is Multiple Choice $58,000. $50,000 $70.000. $90,000