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Question - 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 the year 2016: beginning balance in inventory, $24,800; purchases, $306,700; purchase returns and allowances, $12,900; sales, $724,000; sales returns and allowances, $6,290; freight-in, $1,840; and operating expenses, $51,400. A physical count indicated that $24,700 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.
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