Use the information recorded for Miss Muffins' Bakery for month ending July 31, 2013, to extend the income statement for Exercise 2: gross sales, $35,403; returns and allowances, $342; cost of beginning inventory, $17,403; cost of purchases, $27,983; cost of ending inventory, $22,583; total operating expenses, $3,053. Compute net sales, cost of goods sold, gross profit, and net income?

Miss Muffins' Bakery Comparative Income Statement for the Months Ending July 31, 2012 and July 31, 2013 2013 2012 Gross sales Returns and allowances Net sales Cost of beginning inventory Cost of purchases Cost of ending inventory Cost of goods sold Gross profit Total operating expenses Net income