Question 3: Zales company, Inc. had revenue of $421,000 during December 2019. Experience has shown that merchandise equaling 3% of sales will be returned within 30 days. Also, due to high competition, Zales offer customers a discount on the products. It was found that the discount is equal 2% of revenue. Cost of goods sold is 280,000, insurances expenses is 12,000, salaries at the end of the month is 42,000, December store rent is 35000, shipment fright cost for December is 7000. Compute Zales profit and lost statement, which is also known as Income Statement. Make sure to calculate, Gross Profit, Total Operating Expenses, and Net Income