The adjusted trial balance of A$.$ Oriole Company at the end of its fiscal year, August $31,2022,$ includes these accounts: Inventory $$20,000$; Purchases $$156,500$; Sales Revenue $$192,500$; Freight$-$In $$5,000$; Sales Returns and Allowances $$3,050$; Freight$-$Out $$1,950$; and Purchase Returns and Allowances $$2,800.$ The ending inventory is $$24,000.$

Prepare a cost of goods sold section on the income statement for the year ended August $31,2022($periodic inventory system$).$

A$.$ ORIOLE COMPANY

Income Statement $-$ cost of goods sold section $($periodic system$)$

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