Question: 5. Construct an operating statement from the following data: Returns and allowances. . . . . . . . . . . . . .

5. Construct an operating statement from the following data:

Returns and allowances. . . . . . . . . . . . . . . . $ 150,000 Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20%
Closing inventory at cost. . . . . . . . . . . . . . . 600,000 Markdowns . . . . . . . . . . . . . . . . . . . . . . . . . . . 2%
Inward transportation . . . . . . . . . . . . . . . . . 30,000 Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 Net profit (5%). . . . . . . . . . . . . . . . . . . . . . . . 300,000

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