Midgic Farm Store had a beginning merchandise inventory of $ 9,000. During the period, purchases were $ 35,000; purchase returns, $ 1,500; and freight in $ 3,000. A physical count of inventory at the end of the period revealed that $ 6,000 was still on hand. Using a periodic inventory system, the cost of goods sold was $ 42,500. $ 39,500. $ 45,500. $ 44,000.