Sweet's Lumber is a medium$-$sized lumber company, competing with home improvement giants in nearby markets. This lumber yard has one type of inventory: Merchandise Inventory. It tracks Merchandise Inventory separately for each of its product lines: lumber, flooring, and windows. The following shows Sweet's income statement for the most recent year. $($Sweet$\text{'}$s Lumber follows a similar methodology as Kohl's, also a merchandiser, in regard to classifying costs as either cost of sales or SG&A expenses.$)????$The following summary transactions reflect Sweet's activity during the year.Initial freight cost of getting product to the lumber yard$$124,900$Marketing costs$87,000$Invoice cost of products sold$1,415,000$Depreciation cost and utility cost for lumber yard$81,800$Cost of labor$562,000$Complete the income statement to reveal gross margin and operating income.

Traditional Income Statement

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