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 i sign.) Sales b $ 71,000 $ 44,000 $ 37,000 $ 26,900 Cost of goods sold Merchandise inventory (beginning) 8,600 16,970 5,100 7,100 4,320 Total cost of merchandise purchases 58,000 25,000 5,800 Merchandise inventory (ending) (2,600) (8,700) (5,900) Cost of goods sold 33,650 16,000 7,700 Gross profit 5,900 42,800 Expenses 29,000 11,690 10,620 3,600 6,900 Net income (loss) $ 16,310 $ (4.720) $ 39,200 S