Using the following data taken from Payton Inc. which uses a periodic inventory system, prepare the cost of goods sold section of the income statement for the year ended May 31.​

Periodic Inventory System

An inventory tracking method where physical counts are performed at specific intervals to determine the cost of goods sold and ending inventory.

Cost of Goods Sold

Directly attributable expenses for creating the goods that a company sells, including materials and labor costs.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, highlighting the net profit or loss.