Exercise 4-1 Computing revenues, expenses, and income LO C1 Using your accounting knowledge, find the missing amounts in the following separate income statements. b a 71,000 44,300 49,000 Sales 24,400 Cost of goods sold Merchandise inventory, beginning 16,800 7,900 7,200 5,500 4,400 Total cost of merchandise purchases 31,000 44,000 6,300 Merchandise inventory, ending 2,600 8,300 5,200 Cost of goods sold 17,000 33,000 7,700 Gross profit 5,400 44,900 Expenses 19,000 10,000 11,440 7,000 4,000 $ (6,040) $ 17,300 $ 40,900 Net income (loss)