Question 7 Instructions: Using the following information, calculate cost of goods sold. This company used the PERIODIC Inventory Method. Year Ending: December 31, 2019 $$$$$ Freight in $ 15,160 Merchandise Inventory, January 1, 2019 109,500 Sales 365,000 Purchases Returns and Allowances 10.300 Advertising Expense 12.775 Sales Discounts 7.300 Freight Out 10,950 Interest Expense 6,100 Purchases 257,000 Merchandise Inventory, December 31, 2019 134,500 Sales Returns and Allowances 18,250 General and Administrative Expenses 87,600 Cut/Paste this table to use for your solution. Calculation of COGS