Homework: Ch. 6 Homework Question 6, E6-25A (similar to) Part 5 of 5 > HW Score: 38.13%, 7.63 of 20 points Points: 1 of 3 Save Review the income statement data for each of the following companies: (Click the icon to view the data.) Read the requirements DE Beginning Net Ending Cost of Gross Company Net Sales Inventory Purchases Inventory Goods Sold Profit Lane $ 106,000 $ 22,000 $ 61,000 $ 21,000 $ 62,000 $ 44,000 Foster 141,000 35,000 90,000 30,000 95,000 46,000 Grover 94,000 32,000 55,000 22,000 65,000 29,000 Nugent 82,000 9,000 32,000 11,000 30,000 52,000 Requirement 2. Prepare the income statement for Lane Company for the year ended December 31, 2021. Use the cost-of-goods-sold model to compute cost of goods sold. Lane's operating and other expenses for the year were $39,000 Ignore income tax Lane Company Income Statement Year Ended December 31, 2021 Net sales revenue 106000 Cost of goods sold: Beginning inventory 22000 Net purchases 61000 Cost of goods available Ending inventory Cost of goods sold Gross profit Operating and other expenses Net income (loss) Help me solve this Etext pages Calculator Clear all Check