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, $23,900; purchases, $305,800; purchase returns and allowances, $12,000; sales, $715,000; sales returns and allowances, $6,200; freight-in, $1,750; and operating expenses, $50,500. A physical count indicated that $23,800 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 Cost of goods sold Required A Required B >

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, $23,900; purchases, $305,800; purchase returns and allowances, $12,000; sales, $715,000; sales returns and allowances, $6,200; freight-in, $1,750; and operating expenses, $50,500. A physical count indicated that $23,800 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. Prepare a schedule of cost of goods sold