Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2018: Estimated returns of current year sales Inventory, May 1, 2017 Inventory, April 30, 2018 Purchases Purchases returns and allowances Purchases discounts Sales Freight in $11,600 380,000 415,000 3,800,000 150,000 80,000 5,850,000 16,600 a. Prepare the "cost of goods sold" section of the income statement for the year ended April 30, 2018, using the periodic inventory system. Harkins Company Income Statement For the Year Ended April 30, 2018 Cost of goods sold: Cost of merchandise purchased: 100