Question: Complete the portion for July 31, 2010, of the income statement shown for Miss Muffins' Bakery using the given information: gross sales, $32,596; returns and allowances, $296; cost of beginning inventory, $16,872; cost of purchases, $33,596; cost of ending inventory, $21,843; total operating expenses, $1,894. Compute net sales, cost of goods sold, gross profit, and net income.