Listed below are selected accounts from a trial balance for Richard Parkers Roller Rink on 12/31/20. Accounts are in no particular order and listed with normal balances.

Purchases $625,000

Purchase Returns & Allowances $40,000

Purchase Discounts $10,000

Inventory, 1/1/20 $47,000

Inventory, 12/31/20 $102,000

Net Sales $920,000

Bad Debts Expense $6,600

Allowance for Doubtful Accounts $8,000

Interest Expense $16,000

Cash $100,000

Gain on Sale of Equipment $10,000

Freight-in $28,000

Salary Expense $75,000

Land $50,000

Rent Expense $80,000

Interest Income $2,000

Shipping Expenses $2,500

The Periodic inventory system is being used. Answer the below questions utilizing the above accounts and show all work to receive partial credit.

1. Calculate the dollar amount of Cost of Goods Sold (show all work):

2. What accounts would be included in the Operation Expenses section of the multi-step income statement?

3. What accounts would be included in the Other Income and Expenses sections of the multi-step income statement?