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Financial statement data for Retaillia, Inc. (a fitness product retail company) are given below. All figures are in dollars. Use this data to construct an

Financial statement data for Retaillia, Inc. (a fitness product retail company) are given below. All figures are in dollars. Use this data to construct an Income Statement for the year ending December 31, 2020 and use your constructed statement to answer the following 4 questions.

Advertising

8,640

Beginning of year inventory

104,960

Depreciation

16,840

End of year inventory

101,680

General and administrative expenses

49,650

Gross sales

1,495,620

Interest expense

21,870

Lease payments

18,670

Management salaries

287,620

Purchases

946,310

Research and development

14,960

Returns and allowances

18,760

Taxes

34,870

  1. What was gross profit from Retaillias income statement for the year ending December 31, 2020?

$527,270

  1. What was operating profit (i.e., EBIT) from Retaillias income statement for the year ending December 31, 2020? $139,530
  2. What was profit before taxes (i.e., EBT) from Retaillias income statement for the year ending December 31, 2020? $117,660

I wanted to check and see if my answers are correct please? I'm struggling with these question

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