Gross Profit Section of Departmental Income Statement Bill Walters and Alice Jennings are partners in a business called Walters and Jennings Sportswear that sells athletic footwear. They have organized the business on a departmental basis as follows: running shoes, walking shoes, and specialty shoes. At the end of the first year of operation, the sales and cost of goods sold for the three departments are as follows: Running Shoes Walking Shoes Specialty Shoes Sales Cost of goods sold $35,230 23,720 $42,690 23,930 $12,840 7,370 Prepare the gross profit section of a departmental income statement for the year ended December 31, 20- Show the gross profit for each department and for the business in total. Walters and Jennings Sportswear Departmental Income Statement (Partial) For Year Ended December 31, 20- Sales Running Shoes Dept. $35,230 Walking Shoes Dept. $42,690 Specialty Shoes Dept. $12,840 Total Cost of goods sold Gross profit