Question 3: Supply the missing amounts for each of the following companies: company Net sales Gross profit 121,000 135,000 Frank Hill Fort Orville Beginning inventory 18,000 26,000 (f) 8,000 Net purchases 64,000 (c) 56,000 33,000 Ending inventory 17,000 28,000 22,000 (g) Cost of goods sold (a) (d) 61,000 36,000 (b) 48,000 32,000 (h) 89,000 Requirement 1. Prepare the Income Statement for Frank Company, for the year ended December 31. Use the cost-of-goods-sold model to compute cost of goods sold. Frank's operating and other expenses for the year were 48,000. Ignore income tax