STATUS: THIS EXERCISE IS NOT DONE When you se finished with this exercise, change the tasto "DONE ALT-PERIODIC-INCOME-STATEMENT Crain Company began the year with an inventory balance of 534,000. During the year, the company made inventory purchases of S160,000. Crain's sales for the year amounted to $350,000 and operating expenses were $95,000. A physical inventory was taken on 12/31, and the inventory amount was 542,000. Fill in the following periodic income statement. Crain Company Income Statement For the Year Ended 12/31/2017 SALES BEGINNING INVENTORY PURCHASES COST OF GOODS AVAILABLE ENDING INVENTORY COST OF GOODS SOLD GROSS PROFIT OPERATING EXPENSES NET INCOME