The trial balance of Sheridan Company at the end of its fiscal year, August 31, 2017, includes these accounts:
Beginning Inventory $23,570;
Purchases $224,020;
Sales Revenue $185,200;
Freight-In $9,770;
Sales Returns and Allowances $4,400;
Freight-Out $2,330;
Purchase Returns and Allowances $5,460.
The ending inventory is $22,700.
Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017.
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