Minit Company began the year with inventory of $16,000. During the year, Minit purchased $180,000 of goods and returned $12,000 due to damage. Minit also paid freight charges of $1,500 on inventory purchases. At year end, Minit's inventory based on the physical inventory count stood at $32.000. Minit uses the periodic inventory system. Comoute Minit Company's cost of goods sold for the year. Cost of Goods Sold: Less: Net purchases Cost of goods available Less: 1 Cost of goods sold