Using the following data taken from Hsu's Imports Inc. which uses a periodic Inventory system, prepare the cost of goods sold section of the Income statement for the year ended March 31. Inventory, April 1 Inventory, March 31 Purchases Purchases returns and allowances Purchases discounts Sales Freight in $193,250 180, 100 1,079,600 51,200 18,500 1,860,000 19,250 Hsu's Imports Inc. Partial Income Statement For the Year Ended March 31 Cost of goods sold: Inventory, April 1 Cost of merchandise purchased: Purchases Freight in 195,250 m Net purchases Total cost of merchandise purchased Freight in Cost of goods sold 1,00300