7. Set up a final profit/loss statement showing all of the appropriate figures in dollars and percentages. (20 points) Opening inventory at cost $ 74,200 Gross sales 250,000 Advertising 15,000 Misc. expenses 19,000 Purchases at cost 120,000 Closing inventory at cost 79,000 I Customer returns 25,800 Salaries 26,000 Transportation charges 8,000 Rent 39,000 Cash discounts 3%