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is a retail chain specializing in​ salon-quality hair-care products. During the​ year, had sales of . The company began the year with of merchandise inventory and ended the year with of inventory. During the​ year, purchased of merchandise inventory. The​ company's selling,​ general, and administrative expenses totaled for the year. Prepare income statement for the year.

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Answer:

.................................................Big Fuzzy Spider.................................................

.....................................Income Statement for the year.....................................

Sales............................................................................................ $39,150,000

Cost of Goods sold:

Opening Inventory ............................................$3,500,000

Add: Purchases...................................................$23,350,000

Less: Closing Inventory.................................... $4,445,000

Less: Cost of Goods Sold .........................................................($‭22,405,000‬)

Gross Profit....................................................................................$16,745,000

Less: Operating Expenses ........................................................($7,225,000)

Net Profit ................................................................................$9,520,000

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