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Please explain simple step by step Consider the following partially completed income statements for merchandising companies and compute the missing amounts: E: (Click the icon

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Consider the following partially completed income statements for merchandising companies and compute the missing amounts: E: (Click the icon to view the Income Statements.) .. Flynt Corp. 102,000 $ - X Data table 3000 51,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Flynt Corp. Boswell, Inc. $ 102,000 $ (d) (2.000) 62.000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory 40,000 (a) 51,000 30,000 (e) Purchases and Freight In Cost of Goods Available for Sale $ 11,000 (b) b (2,000) 87,000 (2,000) Operating Income 62,000 Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses () (1) 112,000 40,000 (c) 85,000 $ 11,000 S (9) Operating Income Print Done

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