The following information was drawn from the accounts of Standing Corporation which uses the periodic inventory system for the current year. In the space below, prepare a Schedule of Cost of Goods Sold in good form (3 points)

Advertising Expense $250

Beginning Inventory 50

Ending Inventory 70

Purchases 600

Purchase Returns & Allowances 70

Salaries Expense 265

Sales Revenue 2,800

Sales Returns & Allowances 275

Transportation In 25

Transportation Out 45