Flint Company recently hired a new accountant whose first task was to prepare the financial statements for the year ended December 31, 2021. The following is what he produced: FLINT COMPANY Income Statement December 31, 2021 Sales $395,000 Less: Unearned revenue $5,300 Purchase discounts 3,500 8,800 Total revenue 386,200 Cost of goods sold Purchases 232,500 Less: Purchase returns and allowances 4,100 Net purchases 236,600 Add: Sales returns and allowances 7,600 Cost of goods available for sale 244 200 Add: Freight out 9.500 Cost of selling merchandise 253,700 Gross profit margin 132,500 Operating expenses Freight in 4,600 Insurance expense 10,400 Interest expense 2.600 Rent expense 17.900 Flint Company recently hired a new accountant whose first task was to prepare the financial statements for the year ended December 31, 2021. The following is what he produced: FLINT COMPANY Income Statement December 31, 2021 Sales $395,000 Less: Unearned revenue $5,300 Purchase discounts 3,500 8,800 Total revenue 386,200 Cost of goods sold Purchases 232,500 Less: Purchase returns and allowances 4,100 Net purchases 236,600 Add: Sales returns and allowances 7,600 Cost of goods available for sale 244 200 Add: Freight out 9.500 Cost of selling merchandise 253,700 Gross profit margin 132,500 Operating expenses Freight in 4,600 Insurance expense 10,400 Interest expense 2.600 Rent expense 17.900