answer in detail with steps explanation computation formula solve in excel no copy paste Exercise 3-20A (Algo) Determining cost of goods sold: Periodic system (Appendix) LO 3-9Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balanceswere drawn from Tippah's records for Year 2: beginning balance in inventory, $24,900; purchases, $306,400; purchase returns andallowances, $12,400: sales, $720,000; sales returns and allowances, $6,370: freight-in, $1,820; and operating expenses, $51,400. Aphysical count indicated that $24,800 of merchandise was on hand at the end of the accounting period.Requireda. Prepare a schedule of cost of goods sold.b. Prepare a multistep income statementComplete this question by entering your answers in the tabs below.Required A Required BPrepare a schedule of cost of goods sold.TIPPAH ANTIQUESSchedule of Cost of Goods SoldFor the Year Ended December 31, Year 2Cost of goods available for saleCost of goods sold

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Description: answer in detail with steps explanation computation formula solve in excel no copy paste Exercise 3-20A (Algo) Determining cost of goods sold: Periodic system (Appendix) LO 3-9Tippah Antiques uses the periodic inventory system to account for its inve