1 Calculate Cost of Sales - Periodic Inventory System From the below accounts balances, prepare the cost of sales. Transportation in $ 853 Purchase allowance/returns $ 4,653 Sales commission $ 3,114 Purchases $ 81,269 Transportation out $ 3,894 Purchases discount $ 4,117 Ending inventory $ 10,723 Goods in transit, with company shippers* 1,855 Beginning inventory $ 10,116 Transit insurance for purchases, FOB shipping poin $ 877 * not included in ending inventory figure above. SOLUTION-Cost of sales