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The following information was taken from the financial records of Redmond Distribution, owned by Bob Redmond at its year$-$end of

February $28,2019.$ The company uses the periodic inventory system.

Required

a$)$ Calculate the Cost of Goods Sold.

Do not enter dollar signs or commas in the input boxes.

Do not use negative signs.Required

a$)$ Calculate the Cost of Goods Sold.

Do not enter dollar signs or commas in the input boxes.

Do not use negative signs.

$\backslash$table$[[$Merchandise Inventory, March $1,2018,,$$$],[$Purchases$,$$$,],[$Purchase Returns and Allowances,$$,],[$Net Purchases,$$,],[$Freight$-$In$,$$$,],[$Subtotal$,,$$$],[$Cost of Goods Available for Sale,,$$],[$Merchandise Inventory, February $28,2019,,$$$],[$Cost of Goods Sold,,$$]]$

b$)$ Prepare the closing entries using the income summary method.

When closing accounts, use the income summary method.

Close all sections in alphabetical order.

$\backslash$table$[[$Date$,$Account Title and Explanation,Debit,Credit$],[2019,,,],[$Feb $28,,],[,,,]]$When closing accounts, use the income summary method.

Close all sections in alphabetical order.