At the end of Ehlinger Department Store's fiscal year on December 31, 2012, these accounts appeared in its adjusted trial balance:
Purchase Returns and Allowances
Sales Returns and Allowances
Note: Merchandise inventory on December 31, 2012, is $58,300.
a) Prepare an income statement through gross profit for the year ended December 31, 2012.
b) What is the gross profit percentage?