S 5-20 (Static) Using income statement relations to compute missing amounts LO A1 Compute the missing amounts in the separate income statements A, B, and C. B Sales $ 20,000 $ 90,000 Cost of goods sold 40,000 30,000 Gross profit 35,000 11,500 Expenses 6,000 Net income $ 13,000 $ 21,000 QS 5-23 (Static) Applying LCM to inventories LO P2 Ames Trading Company has the following products in its ending inventory. Cost per Market per Product Quantity Mountain bikes 11 Unit $ 600 Skateboards. Gliders 13 26 350 800 Unit $550 425 700 Compute lower of cost or market for inventory applied separately to each product. Per Unit Total Inventory Items Units Cost Market Cost Market LCM applied to each product Mountain bikes Skateboards Gliders