Exercise 2. Fill in the blanks (a) through (g) for the Morrison Company for each of the income statements for years 1, 2, and 3. Morrison Company Income Statements For the years ended December 31 Year 1 Year 2 $7,500 $10,000 Year 3 Sales Cost of goods sold Merchandise inventory Kbeginning) 375 750 (a) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold Gross profit Operating expenses Net income 4,875 625 2,400 3,625 750 (b) (d) 5,000 2,770 (c) 6,750 5,200 3,750 $980 3,750 (e) $2.500