This computer project involves the calculation of various items associated with the Income Statement. A spreadsheet is to be designed to accept input in one section, and then produce output in another section. However, the output section should be constructed such that any change to the input will result in the output being recomputed.

INSTRUCTIONS:

1) Prepare a data input section in the exact order as given below. Naming of the input 'sheet' should be"INPUT". DoNOTcellprotect the numeric data of this section, as you must allow for the possibility of change to this information. Use the amounts given as a test of your output. Enter Pct as the %, not decimal (80% entered as 80, not 0.80). Your input should be placed in the following rows/columns (the heading "INPUT SECTION" should be centered over all columns to which it relates):

A B ... INPUT SECTION ... 2 3 Item Name 4 Company Name Triple Crown, Inc. 5 6 Item Amount (S) 7 Purchases Adjustments $36,600 8 Cost of Goods Available $316,500 9 Change in Inventory (+/-) - $16,400 10 Operating Income $256,800 11 Tax $46,900 12 13 Item Amount (%) 14 Net Purchases as a % of Purchases 85.0 15 Cost of Goods Sold as a % of Inventory, 12/31/21 275.0 16 Sales Adjustments as a % of Inventory, 1/1/21 12.5 LI Gross Profit as a % of Net Sales 75.0 18 Tax Rate 20.0 19 Preferred Stock Dividends as a % of Net Income 5.0 20 21 Item Amount (shares) 22 Weighted Average Common Shares Outstanding 96,100B C D E F G 1 ... OUTPUT SECTION ... 2 3 Put Put 4 "Heading" "Heading" Here Here 6 7 Inventory, 1/1/21 $$$,$$$,$$$ Sales $$$,$$$,$$$ Purchases $$$,$$5,$$$ Less: 9 Less: Sales Adjustments $$$,$$$,$$$ 10 Purchases Adjustments SSS,SSS,SSS Net Sales $$$,$$$,$$$ 1 Net Purchases SSS,$$5,$$$ COGS $$$,$$5,$$$ 12 Add: Gross Profit $$$,$$$,$$$ 13 Freight-In $$5,$$5,$$$ Operating Expenses $$5,$$5,$$$ 14 COGPurchased $$$,$$$,$$$ Operating Income SSS,SSS,SSS 15 COGAvailable SSS, SSS,SSS Other Income $$$,$$$,$$$ 16 Less: Income Before Tax SSS,$$$,$$$ 17 Inventory, 12/31/21 $$$,$$$,$$$ Tax SSS,SSS, SSS 18 COGS $$$,$$$,$$$ Net Income $$$,$$$,$$$ 19 20 EPS: $$$.$$$