M Wholesale Company began the year with merchandise inventory of $$12,000.$ During the year, $M$ purchased $$92,000$ of goods, had purchase discounts of $$100,$ and returned $$6,000$ due to damage. $M$ also paid freight charges of $$1,600$ on inventory purchases. At year$-$end, M$\text{'}$s ending merchandise inventory balance stood at $$16,900.$ Assume that M uses the periodic inventory system. Compute M$\text{'}$s cost of goods sold for the year.

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