At the end of Gordman Department Store's fiscal year on December 31, 2011, these accounts appeared in its adjusted trial balance. Freight-in $5,600 Merchandise Inventory 40,500 Purchases 447,000 Purchase Discounts 12,000 Purchases Returns and Allowances 6,400 Sales 718,000 Sales Returns and Allowances 8,000 Additional facts: 1. Merchandise inventory on December 31, 2011, is $75,000. 2. Note that Gordman Department Store uses a periodic system. Complete the income statement through gross profit for the year ended December 31, 2011. (List amounts from largest to smallest eg 10, 5, 3, 2.) GORDMAN DEPARTMENT STORE Income Statement For the Year Ended December 31, 2011 Sales Revenues $ Less: Net sales Cost of goods sold $ $ Less: $ Net purchases Add: Cost of goods purchased Cost of goods available for sale Cost of goods sold Gross profit $