Based on these figures below and using the Income Statement Form

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, create an Income Statement. Once you have calculated the Statement, fill in the answers in the text boxes below.

Beginning Inventory 25,000	Income Taxes (at 25%) 108,500
Selling Expenses 220,000	Cost of Goods Sold 61,000
Ending Inventory 36,000	Gross Sales 780,000
Sales Returns and Discounts 10,000	Gross Profits 709,000
Net Income Taxes 325,500

Fill in the Answers (numbers only, do not use decimals):

Net Sales:	$
General and Administrative Expenses:	$
Net Income Before Taxes:	$
Inventory Purchases:	$