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 $ 65,000 $ 44,000 $ 51 000 $ 24,400 8,600 31,000 4,520 5.200 Sales Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold Gross proti Expenses Not income (loss) 7.400 33.140 16,490 5,000 7,600 45,000 (2.000) (8 800) (7,500) 20.000 3,300 41.100 11,110 10 610 4,000 $ 12,890 $ (7,310) S 37.100 7,600 24,000