Requirement $2.$ Prepare the income statement for the year ended December $31,2025,$ for North Company, which uses the periodic inventory system. Include a complete heading and show the full computation of cost of goods sold. North's operating expenses for the year were $$11,000.$

Cost of Goods Sold:

$$

$$

$$

$$

$$

$$

$$

Net Income

Consider the data of the following companies which use the periodic inventory system:

$($Click the icon to view the data.$)$

Read the requirements.

$\backslash$table$[[$North$,$$$,104,000$$$,20,000$$$,62,000$$$,19,000,63,000$$$,41,000],[$East$,,139,000,29,000,95,000,28,000,96,000,43,000],[$South$,,94,000,35,000,56,000,26,000,65,000,29,000],[$West$,,82,000,9,000,31,000,6,000,34,000,48,000]]$

Requirement $2.$ Prepare the income statement for the year ended December $31,2025,$ for North Company, which uses the periodic inventory system. Include a complete heading and show the full computation of cost of goods sold. North's operating expenses for the year were $$11,000.$

Cost of Goods Sold:

$$

$$

$$

$$

$$

Net Income