Exercise 4-1 Computing revenues, expenses, and income LO C1 Using your accounting knowledge, find the missing amounts in the following separate income statements. (Am should be indicated by a minus sign.) Sales $ 62,00043,500 46,000 $ 25,600 Cost of goods sold 8,000 32,000 (6,600) 4,560 6,600 17,050 7,500 8,000 38,000 Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold (3,000) 16,000 (9,000) 7,000 34.050 Gross profit Expenses 45,600 3,600 16,850 (8400) 42,000 3,750 12,150 6,000 10,000 10,650 Net income (loss)