Exercise 4-1 Computing revenues, expenses, and income LO C1, C2 Using your accounting knowledge, find the missing amounts in the following income statements. (Amounts to be deducted should be indicated by a minus sign.) Sales $62,000$ 43,500 46,000 $ 25,600 Cost of goods sold 17,050 7,500 Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold 8,000 38,000 8,000 32,000 (6,600) 4,560 6,600 (3,000) 16,000 (9,000) 34,050 7,000 Gross profit Expenses Net income (loss) 45,600 3,600 $ 16,850 S (8,400)42,000 3,750 12,150 10,000 10,650 6,000