me. Instructions Fill in the numbered blanks to complete the cost of goods sold sections. *E5.18 (LO 6) The following selected information is presented for Lively Limited for the year ended February 28, 2021. Lively uses a periodic inventory system. Accounts receivable Administrative expenses $ 32,500 Inventory, Mar 1, 202 $ 54,600 120,900 Inventory, Feb. 28, 2021 79,300 Common shares 85,000 Purchase discounts 39,000 Deferred revenue 4,500 Purchase returns and allowances 20,800 Dividends declared 42,000 Purchases 273,000 Freight in 8,450 Sales 392,600 Income tax expense 9.300 Selling expenses 9,100 Interest expense 7,800 Instructions a. Prepare a multiple-step statement of income. b. Prepare the year-end adjusting entry that would be made to update the Inventory and Cost of Goods Sold accounts.