ACC Robotics is the leading retailer of Swiss robotics equipment. The following information occurred during June 2021 (ignore GST). ACC Robotics had an opening inventory balance of $8,400,000.

June

1 Returned to the suppliers $80,000 of the opening inventory and received cash.

12 Purchased additional inventory on credit from the supplier for $12,000,000.

18 Sold inventory for $6,000,000 cash (Cost price to ACC Robotics $2,400,000).

19 Customer returned goods sold on 18 June for $400,000 cash, cost price $160,000

30 The closing stocktake at year-end revealed an inventory balance of $17,960,000.

ACC Robotics Required:

Present the Income Statement extract for ACC Robotics using the perpetual inventory method for the month ended 30 June 2021.

ACC Robotics Perpetual Inventory

Income Statement extract

for the month ended 30 June 2021