Exercise 5-1 Computing revenues, expenses, and income LO C1 Using your accounting knowledge, find the missing amounts in the following separate income statements. (Amounts to be deducted should be indicated by a minus sign.) Sales S 62,00043,50046,000 40,60025,600 Cost of goods sold 17,050 7,500 Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold 8,000 8,000 32,000 (3,000 9,000)6,600) 4,560 38,000 6,600 34,050 16,000 7,000 3,750 12,150 $ 16,850$ (8,400) 45,600 3,600 42,000 Gross profit 10,000 10,650 6,000 Net income (loss)