Instructions Inventory, June 1 Inventory, May 31 Purchases Purchases returns and allowances Purchases discounts Sales Freight in $393,250 380,100 1,579,600 81,200 16,500 2,060,000 59,250 Required Using the above data taken from Payton Inc., which uses a periodic inventory system, prepare a schedule of cost of goods sold and determine the gross profit to be reported on the income statement for the year ended May 31. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Negative amounts should be entered with a minus sign. Be sure to complete the statement heading