CP 5-11 (Appendix) The following information is taken from the records of O'Donnell Corp. at June 30, 2019, its fiscal year-end: Advertising expense Commissions expense Delivery expense Insurance expense Opening inventory Purchases Purchase returns and allowances Rent expense Salaries expense Sales (gross) Sales returns and allowances Transportation-in $ 1,500 4,000 1,000 1,000 6,000 35,000 2,000 2,500 5,000 72,000 2,000 1,000 The merchandise inventory at June 30, 2019 amounted to $10,000. Required: 1. Prepare a classified income statement. Assume all expenses not related to cost of goods sold are selling expenses. 2. Compute gross profit percentage