Anderson Plumbing Fixtures Income Statement Year Ended December 31, 2017 Sales Revenue $258,000 Cost of Goods Sold Beginning Merchandise Inventory $43,500 Net Cost of Purchases 145,000 Cost of Goods Available for Sale 188,500 Less: Ending Merchandise Inventory 38,000 Cost of Goods Sold: 150,000 Gross Profit 107,500 Operating Expenses 87,200 Net Income $20,300