Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah's records for Year 2: beginning balance in inventory, $24,100; purchases, $306,000; purchase returns and allowances, $12,200; sales, $717,000; sales returns and allowances, $6,220; freight-in, $1,770; and operating expenses, $50,700. A physical count indicated that $24,000 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold. b. Prepare a multistep income statement. Complete this question by entering your answers in the tabs below.