NAME: SECTION: Problem #18 Merchandising Operations | 349 SCORE: PROFESSOR: The following information pertains to the Leopoldo Valdez School Chairs: Transportation In Merchandise Inventory, 1/1/2020 P 172,000 1,200,000 Merchandise Inventory, 12/31/2020 Purchases Purchases Returns and Allowances Purchases Discounts 1,900,000 4,300,000 129,000 215,000 Required: Prepare the cost of goods sold section of the income statement for the year ended Dec. 31, 2020.