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What is an income statement for cam pets

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Reference no: EM131832597

Question - Cam Smith owns Cam's Pets, a small retail shop selling pet supplies. On December 31 comma 2016, the accounting records of Cam's Pets showed the following:

Inventory on December 31, 2016 $ 10,400

Inventory on January 1, 2016 15,100

Sales Revenue 58,000

Utilities Expense for the shop 3,700

Rent for the shop 4,900

Sales Commissions 2,950

Purchases of Merchandise Inventory 29,000

Requirements -

1. What is an income statement for Cam's Pets for the year ended December 31, 2016?

2. Cam's Pets sold 5,450 units. Determine the unit cost of the merchandise sold, rounded to the nearest cent.

Reference no: EM131832597

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