Luke's March 2019 Financial Statement (5 weeks) Grass Sales Opening inventory, at cost Closing inventory at cost New purchases, at cost Cash Discounts General overhead Advertising Salaries Customer returns and allowances Reductions $123,000 $ 59,500 $ 61,000 $ 78,500 3% $ 11,000 $ 9,000 $ 20,000 $ 8,000 2.5% Carol's Coffee: Profit 5% or $7,500, Operating expenses 40% Part 1 - Complete a skeletal statement for each competitor (30pts) Luke's Diner Skeletal Statement (15 pts) Factors $ % Net sales 125,000 100% Cost of goods sold Gross margin expenses profit Carol's Coffee Skeletal Statement (15pts} Factors $ % Net sales 125,000 10096 Cost of goods sold Gross margin expenses