1- The trial balance of Senior Company at the end of its fiscal year, August 31, 2019, includes these accounts:

Inventory $17,200

Purchases $149,000

Sales Revenue $190,000

Freight in $5,000

Purchase discount $3,000

Freight-out $1,000

Purchase Returns and Allowances $2,000.

The ending merchandise inventory is $23,000.

Instructions:

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