Haida Corporation reported the following selected data for the year ended December 31, 2012: purchases $130,000; purchase returns and allowances $4,400; purchase discounts $13,600; freight in $3,500; freight out $7,500; beginning inventory $70,000; and ending inventory $80,000.

(a) Prepare the cost of goods sold section for Haida in a multiple-step income statement.

(b) Explain how the remainder of Haida's income statement would differ, if at all, if it used a perpetual inventory system.