The following information relates to ABC Ltd. Revenue for 2012 amounted to $564 000 (2011- $315 000) Purchases of inventory for the two years were as follows: 2012 - $303 000 2011 - $182 500 Operating expenses were : 2012 $100 000 2011 $78 000 Profit before tax at the end of 2012 was $27 500. No dividends had been paid in the last few years.

Taking into account the above information, the directors decided to change the basis for valuing inventories to weighted average cost as it will result in a more appropriate presentation of events/ transaction in the financial statements of the company.

A summary of the closing inventories is provided below:

	2009	2010	2011	2012
On the first in, first out method	18 000	19 500	27 000	48 000
On t he weighted average cost method	19 000	22 900	34 800	51 00

Required Prepare the statement of comprehensive income for ABC Ltd for the year ended 31 December 2012, applying the new inventory valuation method.