Exercise 4-21A (Static) Determining cost of goods sold: Perlodic system (Appendix) LO 4-9\ Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah's records for Year 2: beginning balance in inventory,

$42,000

; purchases,

$128,000

; purchase returns and allowances,

$12,000

; sales,

$520,000

; sales returns and allowances,

$3,900

; freight-in,

$1,000

; and operating expenses,

$130,000

. A physical count indicated that

$26,000

of merchandise was on hand at the end of the accounting period.\ Required\ a. Prepare a schedule of cost of goods sold.\ b. Prepare a multistep income statement.\ Complete this question by entering your answers in the tabs below.\ Required A\ Prepare a schedule of cost of goods sold.\ \\\\table[[TIPPAH ANTIQUES],[Schedule of Cost of Goods Sold],[,],[,],[,],[,],[Cost of goods available for sale,],[,],[Cost of goods sold,]]

Exerclse 4-21A (Static) Determining cost of goods sold: Perlodic system (Appendix) LO 4-9 Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah's records for Year 2: beginning balance in inventory, $42,000; purchases, $128,000; purchase returns and allowances, $12,000; sales, $520,000; sales returns and allowances, $3,900; freight-in, $1,000; and operating expenses, $130,000. A physical count indicated that $26,000 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold. b. Prepare a multistep income statement. Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods sold