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, $24,000; purchases, $305,900; purchase returns and allowances, $12,100; sales, $716,000; sales returns and allowances, $6,210; freight-in, $1,760; and operating expenses, $50,600. A physical count indicated that $23,900 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. Required A Required B 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 0 Cost of goods sold $ 0 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, $24,000; purchases, $305,900; purchase returns and allowances, $12,100; sales, $716,000; sales returns and allowances, $6,210; freight-in, $1,760; and operating expenses, $50,600. A physical count indicated that $23,900 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. Required A Required B Prepare a multistep income statement. TIPPAH ANTIQUES Income Statement For the Year Ended December 31, Year 2 0 0