Once you have calculated the Statement, fill in the answers in the text boxes below.

Beginning Inventory$25,000 Income Taxes (at 25%)$108,500

Selling Expenses$220,000 Cost of Goods Sold$61,000

Ending Inventory$36,000 Gross Sales$780,000

Sales Returns & Discounts$10,000 Gross Profits$709,000

Net Income Taxes325,500

Fill in the Answers:

Net Sales: $

General and Administrative Expenses: $

Net Income Before Taxes: $

Inventory Purchases:$