Exercise 3-20A (Algo) Determining cost of goods sold: Periodic system (Appendix) LO 3-9 Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah's records for Year 2: beginning balance in inventory, $24,000; purchases, $305,900; purchase returns and allowances, $12,100; sales, $716,000; sales returns and allowances, $6,210; freight-in, $1,760; and operating expenses, $50,600. A physical count indicated that $23,900 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold. b. Prepare a multistep income statement. Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods sold. Complete this question by entering your answers in the tabs below. Prepare a multistep income statement