Listed below are selected accounts from a trial balance from Nicole's Elegant Wedding invitations on 12/31/20. Accounts are in no particular order. Purchases $625,000 Purchase returns & $40,000 Allowances Purchase discounts $10,000 Inventory, January 1st $47,000 Inventory. December $102,000 31st Net Sales $920,000 Bad Debts expenses $6,600 Allowance for doubtful $8,000 accounts Interest expenses $16,000 Freight in $28,000 Salary expenses $75,000 Rent expenses $80,000 Gain on sale of assets $15,000 Interest income $2.000 Shipping expenses $2.500 Loss on sale of $3,500 equipment Proctor is sharing your screen Stop sharing The periodic invento Llow utilizing the above accounts and show all work to receive partial credit, either within the text box or Interest income $2.000 Shipping expenses $2,500 Loss on sale of $3,500 equipment The periodic inventory system is being used. Answer the questions below utilizing the above accounts and show all work to receive partial credit, either within the text box or on your Exam 2 File upload sheet. If you use the text box, please label it carefully!! 1. Calculate the amount of Cost of Goods Sold and list the answer in the text box below. Show your work either here or a separate sheet of paper. 2. What accounts would be included in the "Operating Expenses" section of the multi- step income statement? 3. What accounts would be included in "Other Expenses and Losses" section of the multistep income statement? Edit View Insert Format Tools Table 12pt Paragraph Proctoria is sharing your screen Stop sharing