Question: Below is a partial income statement for Classic Technology. A) Complete the heading for the year ending June 30th 2021. B) Complete the Cost of

Below is a partial income statement for Classic Technology. A) Complete the heading for the year ending June 30th 2021. B) Complete the Cost of Goods Sold section and C) calculate the Gross Profit. Here is a list of items from the adjusted Trial Balance dated June 30th. Decide which ones you will need: not all of them are used. The beginning inventory was $35,000. Supplies 8.000 Merchandise Inventory 40.000 Accounts Receivable 54.000 Purchases $307,000 Income Statement (Partial) Sales Revenue Sales 480,000 Less: Sales returns and allowances 16,700 Sales Discounts 4,300 21,000 Net Sales 459,000

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