E9-19 + Link Back to Chapter 5 (Income Statement and Balance Sheet). Campbell Soup Company uses a perpetual inventory system and the LIFO method to determine the cost of its inventory. During the year ended July 31, 19X9, Campbell Soup reported the following items (adapted) in its financial statements (amounts in millions) Cost of goods sold.. $3,050 Other expenses. Owners' equity.. 2.650 Revenues, total Total assets $6,424 5,522 2 Total liabilities. 5.287 Required 1. Prepare Campbell Soup Company's summary income statement for the year ended July 31, 19X9, complete with a heading. 2. Prepare Campbell Soup Company's summary balance sheet at July 31, 19X9, complete with a heading.