Need Question 2

2. Prepare the income statement for 2017 Revenues & Expenses should be entered as positive numbers Arizona Retail Outlet Stores Income Statement Year Ended December 31, 2017 Gross Margin Operating costs: Total operating costs Operating income (loss) An Introduction to Cost Terms and Purposes Cost of goods purchased, cost of goods sold, and income statement Free work cells Answer cells The following data are for Arizona Retail Outlet Stores. The account balances are for 2017. Account Balance Depreciation on store fixtures General and administrative costs Marketing and advertising costs Merchandise freight-in Merchandise inventory, December 31, 2017 Merchandise inventory, January 1, 2017 Purchase discounts Purchase returns and allowances Purchases Revenues Shipping of merchandise to customers 10,340 8,140 $60,742 25,300 131,560 113,850 22,770 27,830 657,800 809,600 5,060 Answer cells must remain in the same location so do not insert/delete columns or rows in the file. Numeric answers must include a formula or reference so do not hard enter the answer. 1a. Compute the cost of goods purchased. Cost of goods purchased 1b. Compute the cost of goods sold. Answer cells must remain in the same location so do not insert/delete columns or rows in the file. Numeric answers must include a formula or reference so do not hard enter the answer. Cost of goods sold Dronarbeicamentatement for 2017 Davanu Cynancacchoudbaantaradacnocitvenumber