The trial balance of Rachel Company at the end of its fiscal year, August 31, 2017, includes these accounts: Inventory $29,200; Purchases $144,000, Sales Revenue $190,000; Freight-In $8,000; Sales Returns and Allowances $3,000; Freight-Out $1,000; and Purchases Returns and Allowances $5,000. The ending inventory is $25,000. Prepare a cost of goods sold section for the year ending August 31. RACHEL COMPANY Income Statement (Cost of Goods Sold section-Periodic system) For the Month Ended August 31,2017 144000 147000 Cost of Goods Sold 151200