JaL'o uses the periodic method and records merchandise purchases at net. Its 20x4 ending Inventory Is $69,000. During 2016, JaCo purchases merchandise for $8?3,000, with freightin of $11,000. Purchase returns are $11000, purchase discounts lost are $4,000, and the cost of merchandise on hand at year end is $91,000. At year-end, JaCo records the following entr'glr to close out all inventoryrelated accounts and compute cost of goods sold