Construct profit and loss statement

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Reference no: EM132276778

Construct a profit and loss statement using the following departmental figures and show the dollars and percentages for the net sales,

total cost of goods sold,

gross margin,

operating expenses

profit or loss

Gross Sales: $335,000

Closing Inventory: $59,000

Opening Inventory: $143,975

Rent: $35,000

Advertising: $11,000

Payroll: $57,000

Purchases at cost: $125,000

Transportation Charges: $3,500

Wrap and pack: $475

Cash discounts: 6%

Customer Returns: $7,500

Selling Supplies: $1,500

Reference no: EM132276778

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