Exercise 5-26 Preparing an income statement-periodic LO7 The following adjusted account information, in alphabetical order, was taken from the work sheet of John's Electronics for the month ended April 30, 2020. A physical count on April 30, 2020, revealed a merchandise inventory balance actually on hand of $2.480. John's Electronics Unadjusted Trial Balance For Month Ended April 30, 2020 No. Account Debit Credit 201 Accounts payable $ 2,138. 154 Accumulated depreciation, trucks 15,800 101 Cash $ 1,700 611 Depreciation expense, delivery trucks 660 633 Interest expense 110 301 John Yu, capital 27,002 302 John Yu, withdrawals 9,300 119 Merchandise inventory 5,900 507 Purchase discounts 30 506 Purchase returns and allowances 100 505 Purchases 16,340 413 Sales 34,700 414 Sales returns and allowances 1,760 688 153 Telephone expense, office 689 Telephone expense, store Transportation-in- 508 623 624 Trucks Wages expense, office Wages expense, selling Totals 5,100 5,200 $ 70,770 $ 79,770 140 360 400 29,000 Required: a. Calculate net sales. Net sales b. Calculate cost of goods sold. Cost of goods sold Cost of goods sold Cost of goods sold JOHN'S ELECTRONICS Income Statement For Month Ended April 30, 2020 Cost of goods sold Operating expenses: Selling expenses. Total selling expenses General and administrative expenses Total general and administrative expenses Total operating expenses Other revenues and expenses