Element Co.

Income Statement
Dec 31, 2021
Income
Sales Revenue £840.000
Sales Discount (£7.000)
Sales Return and Allowance (£11.000)
(£18.000)
Net sales £822.000

Cost Of Goods Sold

Beginning Inventory £50.000

Purchases £509.000
Purchase Discounts (£6.000)
Purchase Return and Allowance (£8.000)
(£14.000)
Net Purchases £495.000
Freight-in £4.000
Cost of Goods Purchased £499.000
Ending Inventory (£60.000)
Cost of Goods Sold £489.000
Gross Profit £333.000

Operational Expense (£203.000)

Net Income £130.000

A. Gross Profit £333.000

B. Operational Expense £203.000