ment-player/index.html?launchld=53f30813-b653-4c26-9779-75ce32bc7d99#/question/1 Question 2 of 2 View Policies < -/30 E Current Attempt In Progress Blue Spruce Company recently hired a new accountant whose first task was to prepare the financial statements for the year ended December 31, 2021. The following is what he produced Sales Less: Unearned revenue Purchase discounts BLUE SPRUCE COMPANY Income Statement December 31, 2021 $396,000 $5,400 3,600 9,000 387.000 Total revenue Cost of goods sold Purchases 231,500 Less Purchase returns and allowances 3.900 Net purchases 235,400 Add: Sales returns and allowances 7500 Cost of goods available for sale 242,900 Add: Freight out 9,500 Cost of selling merchandise 252,400 Gross profit margin 134,600 Operating expenses Freight in 4.600 Insurance expense 10.600 Interest expense 2.500 Rent expense 18.100 Salaries expense Total operating expenses 42.200 78000 1C M II