Question: Fill in the blanks ( a ) through ( g ) for each of the income statements for Year 1 , Year 2 , and

Fill in the blanks (a) through (g) for each of the income statements for Year 1, Year 2, and Year 3. Income Statements For Years Ended December 31 Year 1 Year 2 Year 3 Net sales $7,650 $10,250 Cost of goods sold Merchandise inventory, beginning 400800 Total cost of merchandise purchases 2,5003,7505,000 Merchandise inventory, ending 800650 Cost of goods sold 2,8955,150 Gross profit 6,9005,350 Operating expenses 3,8503,850 Net income (loss) $905 $2,600

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