Y Wholesale Company began the year with merchandise inventory of $13,000. During the year, Y purchased $98,000 of goods, had purchase discounts of $250, and returned $6,500 due to damage. Y also paid freight charges of $1,500 on inventory purchases. At year-end, Y's ending merchandise inventory balance stood at $16,800. Assume that Y uses the periodic inventory system. Compute Y's cost of goods sold for the year. Less Plus Less Cost of Goods Sold