Use the following financial information to find the entry you would make on an income statement for COST OF GOODS SOLD for the year ended December 31, 2011: $38,200 $70,525 $88,425 Gross Sales, $241,000; Sales Returns and Allowances, $5,600; Sales Discounts, $1,000; Merchandise Inventory, January 1, 2011, $62,500; Merchandise Inventory, December 31, 2011, $70,200; net purchases, $95,600; Freight In, $525; Salaries, $93,800; Rent, $17,900; Utilities, $1,325; Insurance, $2,025; and Income Tax, $16,950. $234,400