Using the year-end information from QS 4-15, prepare the gross profit section of a multiple-step income statement.

QS 4-15

Vitamix reports the following information for its year ended December 31: cash sales of $60,000; sales on credit of $90,000; general and administrative expenses of $17,000; sales returns of $11,000; cost of goods sold of $80,000; sales discounts of $2,000; and selling expenses of $24,000. Compute