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Musical Inc. Ltd. Income Statement Month Ending July 31, 2023 VICTORIA Store NSW Store QUEENSLAND Store Sales $52 920 $32 340 $74 970 Cost of goods sold 27 930 14 700 36 750 Gross profit $24 990 517 640 538 220 Expenses Selling expenses 3 087 1 470 4 704 Wages expense 11 760 8 820 13 230 Costs allocated from head office 8 085 4 410 22 050 Total expenses 522 932 514 700 $39 984 Operating income (loss) $ 2 058 5 2 940 ($1 764)