The trial balance of Monty Corp. at the end of its fiscal year, August 31, 2020, includes these accounts: Inventory $19,500; Purchases $151,500; Sales Revenue $196,000; Freight-In $4,300; Sales Returns and Allowances $3,450; Freight-Out $1,200; and Purchase Returns and Allowances $2,200. The ending inventory is $23,500. Prepare a cost of goods sold section for the year ending August 31 (periodic inventory). Monty Corp. Income Statement - cost of goods sold section (periodic system) For the Year Ended August 31, 2020 Inventory, September 1, 2019 Purchases Add : Freight-In Total Expenses Less : Purchase Returns and Allowances Cost of Goods Available for Sale + Inventory, August 31, 2020 Cost of Goods Purchased Cost of Goods Sold $ 151500 4300 175300 -2200 $ $ -23