3. Trader Joe's is a food merchandiser that sells natural and organic foods to the market. In August 2020, it reported the following information: Inventory on Aug. 31 $8,000 Insurance Expense for the shop $2,000 Salary Expense 14,000 Advertising Expense 1,000 Rent Expense for the shop 6,000 Utilities expense for the shop 4,000 Freight in 3,000 Inventory on Aug. 1 12,000 Sales Revenue 94,000 Purchase of Merchandise Inventory during August 40,000 (1) Compute cost of goods sold in August. I (2) Prepare income statement for the month ended on August 31, 2020