The trial balance of Sandhil Co. at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $ 24,440; Purchases $ 185,770; Sales Revenue Freight-In $ 8,310: Sales Returns and Allowances $ 5,400: Freight-Out $ 3,490: and Purchase Returns and Allowances $ 5,070. The ending inventory is $ 24,300. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017 SANDHILL CO. Income Statement For the Year Ended August 31, 2017 Inventory, September 1, 2016 24440 Purchases 185770 Add Freight-In 8310 Retained Earnings, September 1,2016v 218520 Purchase Returns and Allowances 5070 Net Purchases 213450 Inventory, August 31,2017 24300 Cost of Goods Sold 140 Net Income/(Loss) 24160