Consider the following partially completed income statements for merchandising companies and compute the missing amounts: Smith, Inc.

Consider the following partially completed income statements for merchandising companies and compute the missing amounts:

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Smith, Inc. Allen, Inc. $ 101,000 Net Sales Revenue (d) Cost of Goods Sold: Beginning Merchandise Inventory (a) 29,000 Purchases and Freight In (e) 50,000 Cost of Goods Available for Sale (b) 89,000 (2,200) Ending Merchandise Inventory (2,200) Cost of Goods Sold (f) 61,000 Gross Profit 40,000 114,000 Selling and Administrative Expenses (c) 84,000 $ 12,000 %2$ Operating Income (g)