Income Statement

For the jeans sold during May, BlueDenim sold them at $$8$ per pair. BlueDenim also incurred two types of selling costs: commissions equal to $10\%$ of the sales price and fixed selling expenses of $$120,000.$ Administrative expenses totaled $$85,000.$ Depreciation expensed out for this period totaled $$2,500.$ Use the information from the previous examples as needed. Use cell references and formulas in the cells when possible. Adhere to proper formatting for the financial statement.

Prepare a multi$-$step Income Statement for the month of May.

What expense$($s$)$ did the company likely incur that have not been accounted for in this example?

$($a$)$ Add a column to the right of the Income Statement to calculate each account as a percentage of Sales Revenue. $($b$)$ Then provide analysis from these calculations. Use the absolute value function to ensure all percentages are positive.