Periodic Inventory System Raynolde Company uses a periodic inventory system. At the end of the year, the following information is available: Purchase returns and allowances $1,200 Inventory, 12/31 12,000 Purchases 22,000 Inventory, 1/1 11,000 Purchases discounts 600 Required: Prepare a schedule to compute Raynolde's cost of goods sold. RAYNOLDE COMPANY Cost of Goods Sold Schedule For the Year Ended December 31, Current Year $