The account balances below are taken from the records of GILBERTON Retail Prepare an income statement under the perpetual inventory system for the year ended 30 June 2016.

Cost of sales…………………………………..$ 102 620

Inventory, 30 June 2016………………………….12070

Selling and distribution expenses……………….. 32730

Sales…………………………………………….163810

Sales returns and allowances……………………...3880

Administrative expenses…………………………10750

Freight inwards……………………………………2020

Finance expenses………………………………….1360