Sales Cost of Goods Sold Beginning Inventory Purchases Milavec Company Income Statement and Statement of Retained Earnings For the Years Ending Goods available for sale Ending Inventory Cost of Goods Sold Gross Margin Operating Expenses Income before taxes Income taxes Net Income Plus: Beg bal Retained Earnings Less: Dividends Ending Balance Retained Earnings Year 5 Year 4 Year 3 $ 1,600,000 $ 900,000 $ 800,000 is esses as as ass is is is in i $ 70,000 $ 43,000 $ 40,000 $ 1,078,000 $ 637,000 $ 483,000 $ 1,148,000 680,000 $ 523,000 60,000 $ 70,000 $ 43,000 1,088,000 $ 610,000 $ 480,000 512,000 $ 290,000 $ 320,000 $ 480,000 $ 248,000 $ 280,000 $ 32,000 $ 42,000 $ 40,000 $ 12,800 $ 17,000 $ 18,000 $ 19,200 $ 25,000 $ 22,000 $ 162,000 $ 137,000 $ 130,000 $ 6,000 $ $ 15,000 175,200 $ 162,000 $ 137,000