Outdoor Life is a manufacturer of backyard and deck furniture. Its products are in high demand and it carries no inventory. Follo order.) (Click the icon to view the December 31 account balances.) Read the requirements. Requirement 1. Using the income statement accounts in the table, calculate cost of goods sold. Hint: Cost of goods sold can be Total cost of goods sold is $ Requirement 2. Using the income statement accounts in the table, calculate operating expenses. Hint Operating expenses are Total operating expenses are $ D D Requirement 3. Using the income statement accounts in the table, calculate gross profit. Total gross profit is s Requirement 4. Using the income statement accounts in the table, calculate operating income. Total operating income is S Salari Stain Indire Other Rent a Utility Labor Accou Market Wood Enter any number in the edit fields and then continue to the next question Sales Account can be calculated by summing the total product costs since there is no inventory. es are the company's period costs. i December 31 Account Balances Salaries and wages (for administrative and sales staff). Stain (used in manufacturing furniture) Indirect labor costs (wages of maintenance workers in factory) Other manufacturing overhead (includes factory insurance and property taxes) Rent and utilities (for administrative offices) Utility costs related to factory) Labor costs (wages of carpenters who build furniture Accounts receivable Marketing costs Vood used in manufacturing furniture Sales revenues 35,500 13,000 21,500 9.000 11,600 10.500 36.000 27300 17200 59500 340.000 5 $ 5 PISCS