The following data were extracted from the accounting records of Bald Eagle Tire Company for the year ended April 30, 2020: Estimated returns of current year sales Inventory, May 1, 2019 Inventory, April 30, 2020 Purchases Purchase returns and allowances Purchase discounts Sales Freight-in 11,600 380,000 415,000 3,800,000 150,000 80,000 5,850,000 16,600 Required: a. Prepare the cost of goods sold section of the income statement for the year ended April 30, 2020 Use the periodic inventory system b. Determine the gross profit to be reported on the income statement for the year ended April 30, 2020