The following account titles and balances were taken from the adjusted trial balance of King Company for Year 2023. The company uses the periodic inventory system.

Account Title	Balance
Freight -in for purchases	8,000
Purchases	165,000
Merchandise inventory, 1 January, 2023	24,200
Merchandise inventory, 31 December, 2023	16,200
Purchase returns and allowances	2,000

Required:

Prepare a schedule to determine the amount of cost of goods sold for 2023.