Jackson, Inc., a retail distributor of futons, provided the following information for 2013: Merchandise inventory, January 1.............. Merchandise inventory, December 31 Selling expense Delivery expense (freight out). Net purchases of futons.. Rent expense... Utilities expense Freight in........ Administrative expense Sales revenue ........ $ 20,000 30,000 50,000 18,000 265,000 15,000 3,000 15,000 64,000 500,000 Units sold during the year 2,500 futons Requirements 1. Calculate the cost of goods sold. What is the cost per futon sold? 2. Calculate the total period costs. 3. Prepare Jackson's income statement for the year ended December 31, 2013. Do not categorize operating expenses between selling and general. What is the gross profit percentage? What is the profit margin percentage