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Prepare statements for a merchandising company

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Reference no: EM13516403

Prepare Statements for a Merchandising Company

The cost accountant for Sun & Surf Apparel Shop has compiled the following information for last year's operations:

Administrative costs

$ 146,400

Merchandise inventory, January 1

26,000

Merchandise inventory, December 31

25,000

Merchandise purchases

1,220,000

Sales commissions

85,700

Sales revenue

1,868,000

Store rent

28,800

Store utilities

5,460

Transportation-in costs

9,240

Required

Prepare an income statement with a supporting cost of goods sold statement.

Reference no: EM13516403

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