The following account titles and balances were taken from the adjusted trial balance of King Co. for Year 2. The company uses the periodic inventory system. Account Title Sales returns and allowances Balance $ 3,500 900 Miscellaneous expense Transportation-out Sales 2,200 156,300 6,200 Advertising expense Salaries expense Transportation-in Purchases 21,000 3,800 88,000 Interest expense 250 Merchandise inventory, January 1 Rent expense 11,200 12,000 10,700 Merchandise inventory, December 31 Purchase returns and allowances. 2,100 3,100 Loss on sale of land. Utilities expense 1,850 Required: a. Prepare a schedule to determine the amount of cost of goods sold. (Amounts to be deducted should be indicated with minus sign.) KING CO. Schedule of Cost of Goods Sold For the Year Ended December 31, Year 2 Cost of goods available for sale Cost of goods sold