Assume that Nicholis Company uses a periodic imventory system and has these account balances: Purchases $425,000, Purchase Retums and Allowances $23,000, Purchase Discounts $8,000, and Freight In $19,000. Assume also that Nicolls Company has beginning inventory of $55,000, ending inventory of 590,000 , and net sales of 5730,000 . Required 1 Prepare the top portion of an income statement (above the line) including the subtotals to be reported for cost of goods sold and gross profit under the periodic inventory system 2 Calculate the GP % for the above 3 Claculate the Markup (MU) \% for the above 4 Prepare the Year end (V/E) journal entry under the periodic method that sets up CoGS and closing reported inventory