Chapter (6): Income Statement for Merchandising Business The following information were extracted from the books of Ameen Company on Dec 31 2018. Use them to calculate and answer the following questions Sales 9.200 Sales Returns 1,200 Sales Discount 800 Beginning Inventory (Jan 1) 3,000 Ending Inventory (Dec 31") 4,000 Purchases 7,200 Purchases Returns 2,000 Purchases Discount Import Tax Purchase Insurance Freight-in Freight-Out Commission earned Rent Expense Utility Expense Salaries Expense 200 350 450 100 1,600 550 150 1.000 200 15 Net Sales: 2 points) 9.200 1,200 8,000 7,200 Net Purchase: (2 points) 8,000 5,000 10.000 7,000 17 Cost of Purchase (2 points) 6,060 6.000 6,600 9.000 18 Cost of Goods Available 2 points) 9.000 12.000 15.000 6.000 79 - Cost of Goods Sold (COGS) (2 points) 6,000 4.000 7.000 5.000 20 Gross Profit (2 points) Enter your answer 21 Total Revenues (2 points) Enter your answer 22 Total Expense (2 points) Enter your answer 23 Net Profit: * (2 points) Enter your answer 24 Gross Profit on Sales is calculated by: (2 points) O subtracting Sales Returns and Allowances from Sales subtracting Cost of Goods Sold from Net Sales subtracting Ending Inventory from the total merchandise available for sale. O subtracting Total Expenses from Sales