Assume that Nicholls Company uses a periodic inventory 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 Nicolts 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) 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 (Y/E) journal entry under the periodic method that sets up COGS and closing reported inventory