627 The following information was taken from the accounting records of Bay Village Paving Co. for the month of January, 20-- Sales $857,000 Sales Returns and Allowances 1,876 Sales Discounts Purchases 378,000 Purchases Returns and Allowances 9,560 Purchases Discounts 2,760 Freight-in 3,700 Merchandise Inventory, January 1 111,000 Merchandise Inventory, January 31 106,000 Complete a partial income statement for the month of January, showing gross profit. Bay Village Paving Co. Income Statement (partial) For the month ended January 31, 20-- Sales Sales returns and allowances Sales discounts Net sales Cost of goods sold Merchandise inventory, January 1 Purchases Sales returns and allowances Sales discounts Net sales Cost of goods sold: Merchandise inventory, January 1 Purchases Purchases returns and allowances Purchases discounts Net purchases Freight-in Cost of goods purchased Goods available for sale Merchandise inventory, January 31 Cost of goods sold Gross profit