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Cyber Solutions Inc. has provided the following data for its first three months of operations: Month Sales Revenue () Purchases () Operating Expenses () Closing

Cyber Solutions Inc. has provided the following data for its first three months of operations:

Month

Sales Revenue (£)

Purchases (£)

Operating Expenses (£)

Closing Inventory (£)

Jan

80,000

50,000

20,000

10,000

Feb

90,000

55,000

25,000

12,000

Mar

100,000

60,000

30,000

15,000

Requirements:

  1. Calculate the Cost of Goods Sold (COGS) for each month.
  2. Determine the Gross Profit for each month.
  3. Prepare a quarterly income statement for the three months ended 31 March.

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