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Prepare an income statement with a supporting cost of goods

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.

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Accounting Basics: Prepare an income statement with a supporting cost of goods

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Accounting Basics: Prepare an income statement with a supporting cost of goods

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