M & N Logistics	Year Ended 31 October 2019
Vehicle running expenses	£1,450
Ending inventory	£3,700
Rent expenses	£6,100
Fleet vehicles – cost less depreciation	£7,300
Annual depreciation – fleet vehicles	£1,850
Utilities	£960
Postal and communication expenses	£500
Total sales	£100,000
Cost of goods purchased	£68,500
Insurance premiums	£790
Interest on borrowings	£620
Bank cash	£4,600
Employee salaries	£10,500
Opening inventory	£4,300

Prepare an income statement for the year ended 31 October 2019, and determine the gross margin and net earnings.