Prepare Statements for a Merchandising Company
The cost accountant for Sun & Surf Apparel Shop has compiled the following information for last year's operations:
|
Administrative costs
|
$ 146,400
|
|
Merchandise inventory, January 1
|
26,000
|
|
Merchandise inventory, December 31
|
25,000
|
|
Merchandise purchases
|
1,220,000
|
|
Sales commissions
|
85,700
|
|
Sales revenue
|
1,868,000
|
|
Store rent
|
28,800
|
|
Store utilities
|
5,460
|
|
Transportation-in costs
|
9,240
|
Required
Prepare an income statement with a supporting cost of goods sold statement.