The trial balance of Sandhill Company at the end of its fiscal year, August 31, 2022, includes these accounts: Inventory $31,000; Purchases $153,300; Sales Revenue $197,000; Freight-In $8,100; Sales Returns and Allowances $3,100; Freight-Out $1,500; and Purchases Returns and Allowances $7,000. The ending inventory is $25,000. Prepare a cost of goods sold section for the year ending August 31. SANDHILL COMPANY Income Statement (Cost of Goods Sold section - Periodic system)

The trial balance of Sandhill Company at the end of its fiscal year, August 31,2022 , includes these accounts: Inventory $31,000 : Purchases \$153,300: Sales Revenue \$197,000; Freight-In \$8, 100; Sales Returns and Allowances \$3,100; Freight-Out $1,500 and Purchases Returns and Allowances $7,000. The ending irventory is $25,000. Prepare a cost of goods sold section for the year ending August 31