The following information is available for the Tenor Music Store for the fiscal year ended December:

Ending Inventory	$100,100
Transportation-in cost	8,900
Purchase discounts	15,000
Beginning inventory	79,000
Merchandise Cost	450,000
Purchase returns and allowances	6,200
Sales revenue	800,000
Sales discount	12,500

Required:

A) Prepare a cost of goods sold statement for Tenor Music Store.

B) Compute the gross margin for the fiscal year ended December 31.