Income Statement for a Merchandiser Solve for the missing amounts corresponding to the letters in the following income statement for Carpenters Department Store Inc. Net sales Cost of goods sold: $122,040 Beginning inventory Net purchases Transportation-in Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit Operating expenses Income before tax Income tax expense Net income Item $23,400 $(a) 6,550 81,150 $104,550 (c) (b) $38,600 (d) $26,300 10,300 $(e) Amount a. Net purchases b. Cost of goods sold 83,440 c. Ending inventory d. Operating expenses e. Net income 16,000