MERCHANDISING INCOME STATEMENT PREPARATION Below are some selected accounts pertaining to the Lucy Lee Company for the year ended 12-31-20XX. Identify the accounts listed below and indicate which financial statement they will apper Cash Accounts Payable BS; CA BS; CL $ 30,000 15,000 Merchandise Inventory, 1-1-20XX 25,000 Merchandise Inventory, 12-31-20XX 50,000 Purchases IS; COGS 200,000 Transportation-In 5,000 Transportation-Out 10,000 Purchase Returns and Allowances 15,000 Purchase Discounts 7,000 Sales IS; REV 500,000 Sales Returns and Allowances 50,000 Sales Discounts Dividends 25,000 2,000 Administrative Expenses 47,000 20,000 Retained Earnings, 1-1-20XX REQUIRED: Prepare in good form a multiple step Income Statement and Statement of Retained Earnings for the Lucy Lee Company for the year ended 12-31-20XX. Cost of Goods Sold (COGS) Computation Cost of Goods Sold