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, $25,100; purchases, $307,000; purchase returns and allowances, $13,200; sales, $727,000; sales returns and allowances, $6,320; freight-in, $1,870; and operating expenses, $51,700. A physical count indicated that $25,000 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 0 $ Cost of goods sold 0 b. Prepare a multistep income statement. TIPPAH ANTIQUES Income Statement For the Year Ended December 31, Year 2 0 0