TechGenius Ltd provided the following information for the year ended 31 December 2021:

• Beginning Inventory: £50,000
• Purchases: £200,000
• Ending Inventory: £40,000
• Sales Revenue: £350,000
• Administrative Expenses: £50,000
• Selling Expenses: £40,000

Requirements:

1. Calculate the Cost of Goods Sold (COGS) for the year.
2. Determine the Gross Profit and Net Profit for the year.
3. Prepare a classified income statement for TechGenius Ltd for the year ended 31 December 2021.