Prepare Murphy Company's Income Statement through Gross Margin. Beginning inventory was $140,000 and ending inventory was $195,900. Assume the periodic inventory system. Murphy Comp Income Statement For the Year Ended December 31, 20xx Net Sales Revenue Cost of Goods Sold S154, 100 $140,000 Inventory, 1/1 Purchases Freight-In Less: Purchase Discounts $150,000 500 (1,600 10,000 Purchase Returns and Allowances Net Purchases Cost of Goods Available for Sale 278,900 Inventory, 12/31 Cost of Goods Sold 83.000 Gross Margin Prepare Murphy Company's Income Statement through Gross Margin. Beginning Inventory was $140,000. Assume the perpetual system Murphy Comp Income Statement For the Year Ended December 31, 20xx Net Sales Revenue Cost of Goods Sold Gross Margin $154,100 What is the balance in Inventory at 12/31 year-end? How is Inventory classified on the balance sheet at 12/31