The following income statement information for 2019 and 2020 was obtained from the accounting records of Upperco Company. Compute the missing amounts. 2019 2020 Sales $200,000 $150,000 Beginning inventory Purchases (net) 40,000 40,000 Ending inventory 25,000 5,000 Cost of goods sold 60,000 Gross profit 65,000 Operating expenses Income before income taxes 40,000 Income tax expense (30%) 14,100 Net income (loss) 32,900