Morgan Company has the following account balances, extracted from itsmultiple-step income statementfor the current year.Required:

Compute the missing amounts.

Sales

$120,600

Sales Returns and Allowances

4,600

Sales Discounts

4,100

Net Sales

?

Cost of Goods Sold

49,900

Gross Profit

?

Selling Expenses

?

General and Administrative Expenses

8,900

Total Operating Expenses

?

Net Income

42,100