The trial balance of Cullumber Company at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $18,500; Purchases $152,000; Sales Revenue $180,000; Freight-In $7,500; Sales Returns and Allowances $3,000; Freight-Out $1,000; and Purchase Returns and Allowances $5,000. The ending inventory is $20,000. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022. Cullumber Company Income Statement For the Year Ended August 31, 2022 Inventory, August 31, 2022 Purchases Less Net Purchases Add ?: Freight-In Total Revenues Cost of Goods Sold Purchase Returns and Allowances