The following data was extracted from Dana Designs' accounting records for the year ended March 31.

Merchandise Inventory, April 1	$ 530,000
Merchandise inventory, March 31	375.000
shopping	270.000
Purchases returns    and bonuses	25,000
discounts on purchases	10,000
Sales	770.000
Loaded	3,000

Required:

Prepare the cost of goods sold section of the income statement for the year ended March 31, using the periodic method.