The cost accountant for Angies Apparel has compiled the following information for last month's operations:

Administrative costs	$	42,000
Merchandise inventory, July 1		9,000
Merchandise inventory, July 31		7,500
Merchandise purchases		360,000
Sales commissions		27,000
Sales revenue		570,000
Store rent		9,000
Store utilities		16,500
Transportation-in costs		27,000

Required:

Prepare an income statement with a supporting cost of goods sold statement

The cost accountant for Angies Apparel has compiled the following information for last month's operations:

Administrative costs	$	42,000
Merchandise inventory, July 1		9,000
Merchandise inventory, July 31		7,500
Merchandise purchases		360,000
Sales commissions		27,000
Sales revenue		570,000
Store rent		9,000
Store utilities		16,500
Transportation-in costs		27,000

Required:

Prepare an income statement with a supporting cost of goods sold statement

ANGIE'S APPAREL
Income Statement
For the Month Ended July 31
Sales revenue	$570,000
Cost of goods sold
Gross margin
Marketing and administrative costs

ANGIE'S APPAREL
Cost of Goods Sold Statement
For the Month Ended July 31
Merchandise inventory, July 1		$9,000
Merchandise purchases	$360,000
Transportation-in	27,000
Total cost of goods purchased
Cost of goods available for sale
Merchandise inventory, July 31		7,500
Cost of goods sold