Company North East South West Beginning Ending Net Sales Merchandise Net Cost Of Merchandise Cost of Gross Revenue Inventory Purchase Inventory Goods Sold Profit $ 100,000 $ 18,000 $ 63,000 $ 17,000 $ 64,000 $ 36,000 $ 138,000 $ 25,000 $ 92,000 $ 20,000 $ 97,000 $ 41,000 $ 94,000 $ 30,000 $ 61,000 $ 22,000 $ 69,000 $ 25,000 $ 86,000 $ 15,000 $ 30,500 $ 8,500 $ 37,000 $ 49,000 Cost of Goods Sold Net Income Prepare the income statement for the year ended December 31, 2019 for North company which uses the periodic inventory system. Include a complete heading and show the full computation of costs of goods sold. North's opperatring expenses for the year were $16,000