Q2. The following information belongs to John company, a retailer of high-end fashion products: Inventory balance on January 1, 2019 Purchases made during the year 2019 Inventory balance on December 31, 2019 Purchase returns during the year 2019 Freight in during the year 2019 Purchase discounts during the year 2019 Sales revenue Sales discounts Sales returns Freight out Depreciation expense Utilities expense : $ 600.000 : $1.000.000 : $ 500.000 : $ 10.000 : $ 20.000 : $ 5.000 : $2.000.000 : $ 200.000 : $ 100.000 $ 10.000 : : $ : $ 20.000 30.000 Requirements: Compute cost of goods sold for the year 2019 assuming the company uses periodic inventory system. Prepare the income statement for the year 2019.