Best Company sells office supplies. The following information summarizes Best's operating activities for 2012:

Utilities for store $6,000 Rent for store $8,000 Sales commissions $4,500 Purchases of merchandise $54,000 Inventory on January 1, 2012 $30,000 Inventory on December 31, 2012 $20,500 Sales revenue $108,000

Required: Prepare an income statement for Best Company, a merchandiser, for the year ended December 31, 2012.using the format below. Please include a vertical analysis rounded to the nearest tenth of a percent.

Sales revenue Cost of goods sold Beginning inventory Purchases Cost of goods available for sale Ending inventory Cost of goods sold Gross profit Selling expenses Sales commissions General expenses Rent expense Utilities expense Total operating expenses Net income/(loss)