Periodic System- Calculating Cost of Goods Sold from Component Accounts Symmetrical Inc. maintains a periodic inventory system. On January 1, 2020, the inventory balance was $25,000. The physical inventory count on December 31, 2020, resulted in an ending inventory balance of $30,000. The company reported purchases of $150,000, freight charges on purchases of $8,000, and purchase returns of $1,000. What should the company report as cost of goods sold for 2020? Cost of goods sold for 2020:$