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					$152,200
Cost of goods sold:
Beginning inventory			$29,760
Net purchases		$(a)
Transportation-in		7,970
Cost of goods purchased			99,620
Cost of goods available for sale			$129,380
Ending inventory			(c)
Cost of goods sold					(b)
Gross profit					$48,700
Operating expenses					(d)
Income before tax					$33,120
Income tax expense					11,590
Net income					$(e)

Item	Amount
a. Net purchases	$fill in the blank 1
b. Cost of goods sold	$fill in the blank 2
c. Ending inventory	$fill in the blank 3
d. Operating expenses	$fill in the blank 4
e. Net income	$fill in the blank 5