Current Attempt in Progress The trial balance of Kingbird Company at the end of its fiscal year, August 31, 2022, includes these accounts: Inventory $22,000; Purchases $189,000: Sales Revenue $240,000; Freight-In $7,000; Sales Discounts $5,200; Sales Returns and Allowances $5,800; Freight-Out $3,500; Purchase Discounts $4,900 and Purchase Returns and Allowances $4,400. The ending Inventory is $28,935. (a) Your answer is correct. Prepare a cost of goods sold section for the year ending August 31 (periodic inventory). Inventory, September 1, 2021 Kingbird Company Cost Of Goods Sold section For the Year Ended August 31, 2022 Purchases. Hi 189,000 38F Cloudy (b) Compute Kingbird's gross profit and gross profit rate. Gross profit $ Gross profit rate (Round answer to 1 decimal place, e.g., 52.3) eTextbook and Media List of Accounts Save for Later Using multiple attempts will impact your score. 25% score reduction after attempt 3 % Attempts: 0 of 4 used Submit Answer