Superior Markets, Inc. Income Statement For the Quarter Ended September 30 North Total Store South Store East Store Sales $5,000,000 $960,000 $2,000,000 $2,040,000 Cost of goods sold 2,750,000 600,000 1,028,000 1,122,000 Gross margin 2,250,000 360,000 972,000 918,000 Selling and administrative expenses: Selling expenses Administrative expenses 857,000 251,400 325,000 280,600 483,000 126,000 180,900 176,100 Total expenses 1,340,000 377,400 505,900 456,700 Net operating income (loss) $ 910,000 $ (17,400) $ 466,100 $ 461,300