Fill in the missing amounts in the following income statement for Carpenters Department Store Inc.
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Sales revenue
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$125,600
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Less: Sales returns and allowances
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(a)
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Net sales
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$122,040
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Cost of goods sold:
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Beginning inventory
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$ 23,400
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Purchases
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$ (b)
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Less: Purchase discounts
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$1,300
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Net purchases
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$ (c)
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Add: Transportation-in
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6,550
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Cost of goods purchased
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81,150
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Cost of goods available for sale
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$104,550
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Less: Ending inventory
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(e)
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Cost of goods sold
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(d)
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Gross profit
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$ 38,600
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Operating expenses
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(f)
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Income before tax
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$ 26,300
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Income tax expense
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10,300
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Net income
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$ (g)
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