The trial balance of G. Garbo Company at the end of its fiscal year, August 31, 1998, includes the following accounts: Merchandise Inventory \(\$ 17,200\), Purchases \(\$ 142,400\), Sales \(\$ 190,000\), Freight-in \(\$ 4,000\), Sales Returns and Allowances \(\$ 3,000\), Freight-out \(\$ 1,000\), and Purchase Returns and Allowances \(\$ 2,000\). The ending merchandise inventory is \(\$ 26,000\).

\section*{Instructions}

Prepare a cost of goods sold section for the year ending August 31.