Problem 4-28A Preparing a schedule of cost of goods sold and multistep and single-step income stat ements: Periodic system (Appendix) T he follo wing acco unt t itles and bala nces were taken from the adju sted trial bala nce of Scogg ins Sa les Co. at D ece mbe r 31, 20 11 . T he co mpa ny uses the period ic invento ry met hod. Accounting Account TIiie Advertising expense Interest expense Merchandise inventory,January 1 Merchandise inventory, December 31 Misce ll aneous expense Purchases Purchase returnsandallowances Rent expense Salaries expense Sales Sales returns and all owances Transportationi-n Transportation-out Gain on sale of land Utilities expense Balance $10,400 5,000 18,000 20,100 800 150,000 2,700 18,000 53,000 320,000 8,000 6,200 10,800 4,000 11,200 Required a. Prepa re a schedu le to de te rmi ne the amount of cost of goods sold. b. Prepa re a mu ltis te p inco me state ment. c. Pre pare a single -s tep in co

me state ment.