Using the following data taken from Hsu's Imports Inc. which uses a periodic inventory system, prepare the cost of goods sold section of the income statement for the year ended March 31. 
Definitions:
Increase Accounts Payable
An action reflecting a rise in the amount owed by a company to its creditors for goods or services received but not yet paid for.
Accounts Payable
Short-term liabilities representing amounts owed by a business to suppliers or creditors for goods and services purchased on credit.
Merchandise Inventory
The total value of a company's goods that are available for sale to customers.
Initial Purchase
The first acquisition of goods or assets for the purpose of business operations or investment.
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