y work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to question Exercise 5-1 Computing revenues, expenses, and income LO C1 Using your accounting knowledge, find the missing amounts in the following separate income statements. (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct. Sales S 62,000 43,500 $ 46,000 79,000s 25,600 Cost of goods sold Merchandise inventory 8,000 38,000 11,950(3,000) 17,050 7,500 8,000 4,560 6,600 4,600 inn Total cost of merchandise 1,95043,75032,000 (9,000) purchases Merchandise inventory (ending) Cost of goods sold (6,600) 34 080 16,000 4225033,4007,00 | 27.9500 27,500 -3,750 | | 186000 Gross profit Expenses Net income (loss) 45,600 10,000 10,650 12,150 3,600 6,000 $ 17,950 16,850 (8,400) 42,000 12,600 Prev 1 of 5Nxt