Use the following financial information to find the entry you would make on an income statement for TOTAL OPERATING EXPENSES for the year ended December 31, 2008: Gross sales, $192,000; sales returns and allowances, $10,100; sales discounts, $2,000. Merchandise inventory, Jan. 1, 2008, $64,500; merchandise inventory, Dec. 31, 2008, $73,500; net purchases, $99,300; freight in, $700; salaries, $94,400; rent, $16,600; utilities, $1,325; insurance, $2,125; and income tax, $16,550.

Use parentheses to show a loss.

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