Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippan's records for Year 2: beginning balance in inventory, $24,500; purchases, $306,400; purchase returns and allowances, $12,600; sales, $721,000; sales returns and allowances, $6,260; freight-in, $1,810; and operating expenses, $51,100. A physical count indicated that $24,400 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold. | TIPPAH ANTIQUES Schedule of Cost of Goods Sold For the Year Ended December 31, Year 2 Cost of goods available for sale Cost of goods sold b. Prepare a multistep income statement. TIPPAH ANTIQUES Income Statement For the Year Ended December 31, Year 2 Prey