Sales revenue $440,000 Purchases $308,000 Net income as a percent of sales revenue 15% Beginning inventory $55,000 Expenses including income taxes $99,000 Tax rate 25% Required a. Prepare the company's single-step income statement. b. Prepare the journal entry at period-end to eliminate beginning inventory and to record ending inventory. Note: Do not use negative signs with your answers. a. Income Statement Sales revenue $ 440,000 Cost of goods sold: Beginning inventory $ 55,000 Plus: Purchases 308,000 Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross margin 0 % 0 % 0 % Expenses Income before taxes Income taxes Net income 0 % 0 % $ 0 %