Final Profit and Loss Statement Problem 1. For the season, the accounting department forwarded to you the following information. Construct a P&L Statement from the following figures: Opening Inventory (Cost) Advertising Gross Sales Misc. Expenses Billed Costs Closing Inventory (Cost) Customer Returns Selling Salaries Freight Charges Wrapping&Packing Rent Alterations&Workroom Cash Discount $148,000 S 30,000 $496,000 36,000 $240,000 $156,000 51,600 $ 52,000 S 16,000 S 39,000 s 40,000 5 2,000 2%