Prepare an accrual-based income statement for Racey for the period ended 30 June. (In the Adjustments column, use a plus or minus sign to indicate an increase or decrease, for example +500 or -500. When entering the adjustments for inventory purchased, three entries are required to adjust from opening inventory to closing inventory. Please enter your answers in this order from opening to closing inventory. Leave fields blank if no amount is required.)

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End of Chapter Question 6.33 Racey has prepared an income statement for the 12-month reporting period ended 30 June on a cash basis, showing a $50,920 profit. The cash-based statement shows the following: Sales $327,300 Inventory purchased 193,500 Gross profit 133,800 Expenses 33,500 Salary and wages 22,200 Administration 10,900 Rent 6,600 Advertising 5,620 Interest Insurance 4,060 Additional information . The accounts receivable and accounts payable balances at the start of the reporting period were $19,400 and $11,600 respectively. At the end of the reporting period, Racey had accounts receivable of $25,000 and accounts payable of $23,320. The opening inventory was $37,800 and the closing inventory was $44,800 . An advertising invoice of $3,490 had not been paid. . The business has equipment that cost $47,700. It has a useful life of 5 years and an expected salvage value of $5,200. . The insurance expense represents the 12-month premium on a policy that was taken out on 30 April