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. 
Definitions:
Inferior to Hips
Refers to a position or structure located below the level of the hips in the human body.
Waist
The part of the human body below the ribs and above the hips, often used as a measure of a person's build or for fitting clothes.
Histology
The study of the microscopic structure of tissues.
Tissues
Groups of cells that perform a similar function and are the building blocks of organs and structures in the body.
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