Paul and Terry’s Gym Supply House began business on January 1, 19X1. During the month of AND LOSS January the following transactions occurred:

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Description Bench press machine Lat pull down machine Leg press machine Arm curl machine QUANTITY PER UNIT Purchase Selling Purchased Sold cost price 3554 2320 $500 $ 800 400 700 2 600 1,000 200 The arm curl machines were determined to be defective and will be discarded as worthless. The manufacturer of the arm curl machine went out of business and therefore the machines cannot be returned. Required: Compute for the month of January the a Total revenue b Total expense (cost of goods sold) Total loss