ALT-PERIODIC-INCOME-STATEMENT Choose exercise (1-5) Crain Company began the year with an inventory balance of $22,000. During the year, the company made inventory purchases of $180,000. Crain's sales for the year amounted to $240,000 and operating expenses were $23,000. A physical inventory was taken on 12/31, and the inventory amount was $39,000. Fill in the following periodic income statement. Crain Company Income Statement For the Year Ended 12/31/2017 SALES BEGINNING INVENTORY PURCHASES COST OF GOODS AVAILABLE ENDING INVENTORY COST OF GOODS SOLD GROSS PROFIT OPERATING EXPENSES NET INCOME