E5.3 Prepare cost of sales section. Below is a series of cost of sales sections for companies X, F, L and S. X Beginning inventory 250 Purchases 1 500 Purchase returns and allowances 40 Net purchases [a]! Freightin 110 Cost of goods purchased {b} Cost of goods available for sale 1320 Ending inventory 310 Cost of sales [c]! Required 3. Fill in the lettered blanks to complete the cost of sales sections. b. Explain the purpose ofthis exercise. (Hint: What is the main skillyou have been developing?) 120 1 can {d}| 1 030 {e} 1 230 1 350 {fl 1 230 1 000 is) 290 7 210 [hi 7 940 [ii 1 450 7 490 L02 li}I 43 590 (kl 42 use 2 240 {I}I 49 530 6 230 43 300