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Chapter 4 Merchandising Income Statement Handout Using the following information, prepare a merchandising income statement in proper form for the year ended 12/31/20 for Griffin Enterprises. Selling Expenses 14,000 Purchases 62,000 Merchandise Inventory, January 1, 2019 47,000 Merchandise Inventory, December 31, 2019 17,000 Sales Returns and Allowances 13,000 General and Administrative Expenses 23,000 Sales Discounts 5,000 Purchases Returns and Allowances 600 Freight In 800 Gross Sales 200,000