The following account titles and balances were taken from the adjusted trial balance of King Co. for 2016 The company uses the periodic inventory system Account Title Sales returns and allowances Miscellaneous expense Transportation-out Sales Advertising expense Salaries expense Transportation-in Purchases Interest expense Merchandise inventory, January 1 Rent expense Merchandise inventory, December 31 Purchase returns and allowances Loss on sale of land Utilities expense Balance $11,400 6,000 19,000 21,100 900 160,000 3,200 20,500 58,000 330,000 9,000 6,700 11,300 5,000 12,200 Required a. Prepare a schedule to determine the amount of cost of goods sold. (Amounts to be deducted should be indicated with minus sign.) KING CO Schedule of Cost of Goods Sold For the Year Ended December 31, 2016 Cost of goods available for sale Cost of goods sold