31. The following information was drawn from the accounts of Forward Corporation which uses the periodic inventory system.do a Schedule of Cost of Goods Sold and a multi-step Income Statement on the forms provided for the current year.

Advertising Expense$300

Beginning Inventory50

Ending Inventory 65

Purchases 600

Purchase Returns & Allowances70

Salaries Expense 265

Sales Revenue2,900

Sales Returns & Allowances300

Transportation In25

Transportation Out35

Income Statement

For the Year Ended