The trial balance of Perine Company at the end of its fiscal year, August 31, 2010, includes these accounts: Beginning Merchandise Inventory $19,200; Purchases $154,000; Sales $190,000; Freight-in $8,000; Sales Returns and Allowances $3,000; Freight-out $1,000; and Purchase Returns and Allowances $5,000. The ending merchandise inventory is $22,000.

Instructions
Prepare a cost of goods sold section (periodic system) for the year ending August 31.