The following selected account data is taken from the records of Reese Industries for 2019. Assume the perpetual inventory system is used. Sales Merchandise Inventory $642,363 579,620 Sales Discounts 58,020 Interest Expense 3,877 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 225,598 Rent Expense 15,070 Depreciation Expense-Office Equipment 3,400 Insurance Expense 2,450 Advertising Expense) 12,900 Accounts Receivable 100,440 Office Supplies Expense 1,600 Rent Revenue 23,680 Sales Salaries Expense 30,410 Accounts Payable 138,404 Common Stock 59,419 arketing Expense 31,000 . Use the data provided to compute net sales for 2019. onded December 31, 2019. Reese Industries Simple Income Statement For Year Ended December 31, 2019 Revenues: Total Revenues Expenses: Total Expenses QQ A 00 * C. Compute the gross margin for 2019. for the year Reese Industries Multi-step Income Statement For Year Ended December 31, 2019 Operating Expenses Selling Expenses Total Selling Expenses General and Administrative Expenses 0000 QOOQ Total General and Administrative Expenses Total Operating Expenses Income from Operations K OQ Total Selling Expenses General and Administrative Expenses Total General and Administrative Expenses Total Operating Expenses Income from Operations Other Revenue and Expenses Total Other Revenue and Expenses 000 00000000 00 - 00