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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
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