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 sign.) b $ 44,000$ 37,000 $ 71,000 $ 26,900 8,600 58.000 4,320 5,800 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) 33.650 16,970 5,100 7.100 25,000 (2.600) (8.700) (5,900) 16,000 5.900 42.800 11.690 10,620 3.600 $ 16,310 5 (4.720) $ 39,200 7,700 29.000 6.900