Exercise 4-1 Computing revenues, expenses, and income LO C1, C2 Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct. a C d Sales $ 62,000 $ 43,500 $ 46,000 $ 79,000 $ 25,600 Cost of goods sold Merchandise inventory (beginning) 8,000 17,050 7,500 8,000 4,560 Total cost of merchandise purchases 38,000 1,950 43,750 32,000 6,600 Merchandise inventory (ending) 11,950 (3,000) (9,000) (6,600) 4,160 Cost of goods sold 34,050 16,000 42,250 33,400 7,000 Gross profit 27,950 27,500 3,750 45,600 18,600 Expenses 10,000 10,650 12,150 3,600 6,000 Net income (loss) S 17,950 S 16,850 $ (8,400) $ 42,000 $ 12,600