Exercise 6 Based on the information that follows, prepare the cost of goods sold section of a multiple. step income statement. Merchandise Inventory, Beginning Purchases Purchase Returns and Allowances Purchase Discounts Freight-in Merchandise Inventory, End P124,200 641,700 28,692 13,140 3,510 192,600 Exercise 7 Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods section, for FipEly Office Supplies for the year ended December 31, 2017. Sales Sales Returns and Allowances Sales Discounts Merchandise Inventory, January 1, 2017 Purchases Purchase Returns and Allowances Purchases Discounts Freight-in Merchandise Inventory, December 31, 2017 Salaries Expense Supplies Expense Utilities Expense Insurance Expense Depreciation Expense - Equipment Miscellaneous Expense Rent Expense P1,485,400 13,800 21,660 265,000 980,000 21,800 19,600 7,500 332,500 238,000 9,000 70,000 10,000 31,000 7,200 49,800