on #20 Saved Tippah Antiques uses the periodic Inventory system to account for its Inventory transactions. The following account titles and balances were drawn from Tippah's records for Year 2: beginning balance in Inventory, $24,900; purchases, $306,800, purchase returns and allowances, $13,000; sales, $725,000; sales returns and allowances, $6,300; freight-In, $1,850; and operating expenses, $51,500. A physical count indicated that $24,800 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold. b. Prepare a multistep Income statement Complete this question by entering your answers in the tabs below. Required A Required B Prepare a schedule of cost of goods sold. TIPPAH ANTIQUES Schedule of Cost of Goods Sold For the Year Ended December 31, Year 2 Cost of goods available for sale Cost of goods sold Required B Seved Tippah Antiques uses the periodic Inventory system to account for its Inventory transactions. The following account titles and balances were drawn from Tippah's records for Year 2: beginning balance In Inventory, $24,900; purchases, $306,800; purchase returns and allowances, $13,000; sales, $725,000; sales returns and allowances, $6,300; freight-in, $1,850, and operating expenses, $51,500. A physical count Indicated that $24,800 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold. b. Prepare a multistep Income statement. Complete this question by entering your answers in the tabs below. Required A Required D Prepare a multistep income statement. TIPPAH ANTIQUES Income Statement For the Year Ended December 31, Year 2