Y & Z Warehouses	Year Ended 31 January 2020
Vehicle operating costs	£1,350
Final inventories	£4,100
Rent expenses	£6,300
Warehouse vans – cost less depreciation	£7,200
Annual depreciation – warehouse vans	£1,850
Heating and electricity	£990
Telephone and postal expenses	£560
Sales turnover	£104,500
Cost of goods purchased	£69,500
Insurance	£790
Interest on borrowings	£640
Cash at bank	£4,700
Salaries	£10,800
Initial inventories	£4,400

Prepare an income statement for the year ended 31 January 2020, and include the calculation of total operating expenses and net profit.