The Following Items Were Taken from the Records of Slow

Essay

The following items were taken from the records of Slow Boat Company, which uses a periodic inventory system: $$\begin{array} { l r } \text { Salary payable } & \$ 1,100 \\\text { Sales revenue } & 480,000 \\\text { Freight in } & 20,000 \\\text { Beginning inventory } & 35,000 \\\text { Purchases of inventory } & 240,000 \\\text { Purchase returns and allowances } & 35,000 \\\text { Purchase discounts } & 10,000 \\\text { Sales returns and allowances } & 35,000 \\\text { Ending inventory } & 80,000 \\\text { Operating expenses } & 85,000\end{array}$$ Prepare the cost of goods sold section for the Slow Boat Company's income statement.