Required information

Use the following information for the Quick Studies below.

$[$The following information applies to the questions displayed below.$]$

Vitamix reports the following information for its year ended December $31$:

Cash sales

Sales on credit

General and administrative expenses

Sales returns

Cost of goods sold

Sales discounts

Selling expenses

$$88,000$

$118,000$

$31,000$

$13,800$

$87,000$

$4,800$

$52,000$

QS $4-16($Algo$)$ Preparing gross profit section of a multiple$-$step income statement LO P$4$

Use the above information to prepare the gross profit section of a multiple$-$step income statement.