The account balances below are taken from the records of Gilberton Retail. Prepare an income statement under the perpetual inventory system for the year ended 30 June 2019.

Cost of sales		$96,460
Inventory, 30 June 2019		11,350
Selling and distribution expenses		30,770
Sales		153,980
Sales returns and allowances		3,650
Administrative expenses		10,110
Freight inwards		1,900
Finance expenses		1,280