Toge Pass Auto Parts Calendar Year 2017 Financial Statements in U.S. Dollars Revenue Gross Sales 64,050 Less: Sales Returns and Allowances 700 Net Sales 63,350 Cost of Goods Sold Beginning Inventory 40,100 Add: Purchases 37,800 Inventory Available 77,900 Less: Ending Inventory 38,000 Cost of Goods Sold 39,900 Gross Profit (Loss) 23,450 Expenses Advertising 3,105 Dues and Subscriptions Gifts 180 Insurance 780 Interest 1,750 Legal and Professional Fees 315 Licenses and Fees 900 Miscellaneous 73 Office Expense ,380 Payroll Taxes 510 Postage Rent ,505 Repairs and Maintenance 437 Supplies 630 Telephone 800 Travel 940 Uniforms 400 Utilities 975 Vehicle Expenses Wages 3,400 Total Expenses 24,080 Net Operating Income (630) Other Income Gain (Loss) on Sale of Assets nterest Income Total Other Income Net Income (Loss) (630) A review of the expense account detail reveals the following: . The travel expense includes the costs Allison incurred to attend a seminar on sports car accessories. She spent $300 on airfare, $400 on lodging, $90 on a rental car, and $150 on meals. Allison has proper receipts for these amounts. . The gift account details show that Allison gave a $30 gift to each of her six best suppliers