The following amounts are known: $31,000 26,000 62,000 Beginning merchandise Inventory Ending merchandise inventory Purchases Purchases returns and allowances Purchases discounts Freight-in 2,600 3,500 290 Assume the business makes estimates for sales returns and allowances at your end. The balances for estimated returns inventory are provided below. $2.400 Beginning estimated returns inventory Ending estimated returns inventory 3,500 Required: Prepare the cost of goods sold section of the income statement for Havens Gift Shop Amount Descriptions Cost of goods purchased Cost of goods sold Goods available for sale Estimated returns inventory, December 31 Estimated returns inventory, January 1 Freight-in Merchandise inventory, December 31 Merchandise inventory, January 1 Net purchases Purchases Purchases discounts Purchases returns & allowances Prepare the cost of goods sold section of the Income statement Income Statement Instructions Havens Gift Shop Income Statement (Partial) For the year anded December 31, 20 Cost of goods sold: 2 3 4 5 16 7 8 9 10 11 12