Exercise 5-1 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.) d b $ 62,000 $ 44,300 $ 40,000 $ 24,900 8,600 37,000 4,460 5.500 Sales Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold Gross profit Expenses Net income (loss) 33.860 16,550 5.300 7.300 33.000 (2.800) (8.700) (5.200) 19.000 5.900 43,500 11,530 11,060 3,300 $ 13.770 $ (5.160) $ 40,200 8,000 25,000 6,700