Winnie Villanueva Souvenirs

Income Statement
For the Year Ended, December 31, 2016

Net Sales
Gross Sales 301,000
Less: Sales Returns 16,000
Sales Discounts 9,000 25,000
Net Sales 276,000
Cost of Goods Sold 86,080
Gross Profit 189,920
Operating Expenses
Distribution Cost 37,840
General Expenses 23,800
Other Operating Expenses 1,500
Total Operating Expenses 63,140
Operating Profit 126,780

Cost of Goods Sold

Inventory, 1-1-2016 19,450
Purchase 91,300
Less: Purchase Discount 3,000
Purchase Returns 2,000 5,000
Net Purchases 86,300
Transportion In 2,200
Net Cost of Purchases 88,500
Goods Available for Sale 107,950
Less: Inventory, 6-30-2016 21,870
Cost of Goods Sold 86,080