2) a. Prepare schedule of cost of goods sold for Mighty Sports for January using the following figures: Beginning inventory: $38,900 Purchases: $18,500 Purchase returns and allowances: $600 Purchase discounts: $210 Transportation-in: $975 Ending Inventory: $36,900 Page Break b. Prepare an income statement for Mighty Sports for January using the cost of goods sold from part (a) and the following figures: Sales: $50,750 Sales returns and allowances: $1,950 Sales discounts: $150 Salaries: $6,800 Rent: $1,975 Delivery expense: $900 Other expenses: $2,300