Construct an operating statement from the following data: Returns and allowances... $ 150,000 Expenses... 20% Closing inventory

Construct an operating statement from the following data:

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Returns and allowances... $ 150,000 Expenses... 20% Closing inventory at cost ... 600,000 Markdowns..... 2% Inward transportation 30,000 Purchases .... 1,000,000 Net profit (5%)..... 300,000