The cost accountant for Angie’s Apparel has compiled the following information for last month’s operations.

Administrative costs ..................................$ 42,000
Merchandise inventory, July ....................... 19,000
Merchandise inventory, July 31 .................... 7,500
Merchandise purchases ........................... 360,000
Sales commissions .......................................27,000
Sales revenue ............................................ 570,000
Store rent ....................................................... 9,000

Store utilities ............................................... 16,500
Transportation-in costs .............................. 27,000

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