c. MULTI STEP 1/S: (16 points) Listed below are selected accounts from a trial balance for Nicole's Elegant wedding Invitations on 12/31/19. Accounts are in no particular order. Purchases Purchases Returns & Allowances Purchase Discounts Inventory, 1/1 Inventory, 12/31 Net Sales Bad Debts Expenses Allowance for Doubtful Accounts Interest Expenses Freight-in Salary Expenses Rent Expenses Gain on Sale of Assets Interest Income Shipping Expenses Loss on Sale of Equipment $625,000 $40,000 $10,000 $47.000 $102,000 $920,000 $6,600 $8,000 $16,000 $28.000 $75,000 $80,000 $15,000 $2,000 $2,500 $3,500 The periodic inventory system is being used. Answer the below questions utilizing the above accounts and show all work to receive partial credit. 1. Calculate the dollar amount of Cost of Goods Sold (show all work). 2. What accounts would be included in the "Operating Expenses" section of the multi-step income statement? 3. What accounts would be included in the "Other Expenses and Losses" section of the multi-step income statement