Murphy Equipment Company uses the periodic inventory system. Murphy reported the following selected amounts at June 30, 2019 (the beginning inventory balance is also provided): Merchandise Inventory, July 1, 2018 $22,000 Merchandise Inventory, June 30, 2019 19,000 Purchases 96,000 Purchase Discounts 5,000 Purchase Returns and Allowances 8,500 Freight in 3,200 Net Sales Revenue 212,400 Delivery Expense 1,400 Sales Salaries Expense 44,200 Common Stock 45,000 Retained Earnings 24,500 Compute cost of goods sold