The following information is available for a retailor company at December $31,2017$

Construct an income statement in good form based upon the following information:

Selling and administrative expenses. $$42,000$

Cash collection during the year $$350,000$

Inventory $\frac{1}{1}$

Purchases of inventory during the year $$400,000$

Ending inventory $\frac{12}{31}$