1. Prepare a prot and loss statement using the following values; show separate statement for cost of goods sold. (15pts). Sales returns $5,000 Freight In 15 ,000 Insurance expense 2,000 Merchandise inventory 7/1/21 40,000 Salary expense 25,000 Interest expense 11,000 Merchandise inventory 6/30/22 45,000 Sales 270,000 Supply expense 15 ,000 Utility expense 15 ,000 Advertising expense 10,000 Delivery expense 15 ,000 Travel expense 10,000 Purchases 1 15,000 Purchase returns&allow. 3,000