1. (4pts)The children's department has net sales of $116,000, Cost of Goods Sold for the department is 53.5% and expenses were 33.5% of sales. Set up a Profit and Loss Statement in dollars and percent for the department. Answers 116,000 Click here to enter text. Net sales Cost of goods sold Gross margin Operating expenses 100% 53.5.00% Click here to enter text. Click here to enter text. 33.5% Click here to enter text. Click here to enter text. Net profits Click here to enter text