Jones, Inc. Laura's Bakery $ (d) Net Sales Revenue $ 98,000 Cost of Goods Sold: Beginning Merchandise Inventory (a) 30,000 (e) 51,000 Purchases and Freight In Cost of Goods Available for Sale (b) (2,400) 92,000 (2,400) Ending Merchandise Inventory Cost of Goods Sold 58,000 (0 111,000 40,000 Gross Profit Selling and Administrative Expenses (c) 13,000 83,000 $ (9) $ Operating Income Jones, Inc. Laura's Bakery Net Sales Revenue $ 98,000 Cost of Goods Sold: 30,000 51,000 Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory 92,000 (2,400) (2,400) Cost of Goods Sold 58,000 Gross Profit 40,000 111,000 83,000 Selling and Administrative Expenses $ Operating Income 13,000