Assume that Nicholls Company uses a periodic imventory system and has these account balances: Purchases $425,000, Purchase Returns 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 $90,000, and net sales of $730,000. Required 1 Prepare the top portion of an income statement (above the line) induding 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