and Scheduie of the Cost of Goods Sold Inventory, June 1 Inventory, May 31 Purchases Purchases retums and $303,250 380,100 1,579,000 81,200 (Label) Purchases discounts Sales Freight in 16,500 2,060,000 59.250 Required Using the above data takken from Payton inc., which uses a periodic inventary syatem, prepare a schedule of cost of goods sold and determine the gross profit to be reported on the income atatement for the year ended May 31. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries Negative amounts should be entered with a minus sign. Be sure to complete the statement heading 10 Determine the gross profit to be reported on the income statement for the year ended May 31