Gross Profit Cogburn Corporation recorded sales of $800,000 during 2000. Cogburn had sales returns of $45,000 and

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Gross Profit Cogburn Corporation recorded sales of $800,000 during 2000. Cogburn had sales returns of

$45,000 and gave special sales allowances of $19,000 for late delivery of products due to a strike by its delivery personnel.

Cogburn took delivery of $527,000 of inventory during the year. It reported inventory of $107,000 at January 1 and

$88,000 at December 31. Prepare the gross profit section of Cogburn’s income statement for 2000.

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