ed t Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2020 Net sales Cost of goods sold: Inventory, Dec. 31, 2019 Purchases Goods available for sale Inventory, Dec. 31, 2020 Cost of goods sold Gross profit from sales Operating expenses Operating profit Interest expense Profit before taxes Income taxes Profit $1,096,000 $ 81,860 613,840 $ 695,700 60,990 634,710 $ 461,290 286,360 $ 174,930 12,700 $ 162,230 19,514 $ 142,716