1. Rambi owns a grocery shop but has lost the records of the inventory as at 31 December 2017. The following information is available for the year ended 31 December 2017. Ksh. Expenses 15,876 Inventory (1 January 2017) 40,000 Purchases 90,200 Return outwards 10,000 Sales 90,720 The cost of goods sold is 62.5% sales. Prepare an income statement for the year ended 31 December 2017. (8mks)