The cost accountant lorAngie's Apparel has compiled the following information for last months operations Administrative costs 72,200 Merchandise inventory, July 1 29.000 Merchandise July 31 Merchandise purchases 25.000 635.000 Sales commissions 42.500 938,000 Store rent 13,900 Store utilities 2.150 Transportation in costs 5.700 Required Prepare an income statement with a supporting cost of goods sold statement. ANGIE'S APPAREL ncome Statement For the Month Ended July 31 Sales revenue 938,000 Cost of goods sold Gross margin Marketing and administrative costs Operating profit Ask me anything