Financial Statements A list of accounts for Lloyd Inc. at December 31, 2017, follows: Accounts Receivable Advertising Expense Capital Stock Cash Dividends Income Tax Expense Income Tax Payable Inventory: $56,359 Net purchases $61,608 28,252 650 111,760 375 1,800 23,000 120 12,900 50,000 Salaries Payable 22,340Net sales Retained Earnings, January 1, 2017 6,000 1,450 1,450 Transportation-In Utilities Expense Wages and Salaries Expense Wages Payable January 1, 2017 December 31, 2017 6,400 5,900 Required: 1. Determine cost of goods sold for 2017. 2. Determine net income for 2017. Feedback