1. Chris Snyder owns Chris' Pets, a small retail shop selling pet supplies. On December 31, 2018, the accounting records of Chris' Pets showed the following:

1. Prepare an income statement for Chris' Pets for the year ended December 31, 2018.

	Chris' Pets
	Income Statement
	Year Ended December 31, 2018
Revenue:
Cost of Goods Sold:
Cost of Goods Sold
Gross Profit
Selling and Administrative Expenses:
Total Selling and Administrative Expenses
Operating Income (Loss)

2. Chris' Pets sold 3,800 units. Determine the unit cost of the merchandise sold, rounded to the nearest cent.

Merchandise Inventory on January 1, 2018 Net Sales Revenue Utilities Expense for the shop Rent for the shop Merchandise Inventory on December 31, 2018 10,800 15,400 59,000 3,900 5,000 2,450 21,000 Purchases of Merchandise Inventory