Instruction: Insert the missing figures in the income statement.

Net Sales Gross Sales P Less: Sales Returns and Allowances P 45,000 Sales Discounts 15,000 Net Sales P Cost of Sales Inventory. Jan. 1. 2019 P 220,000 Purchases P 985,000 Less: Purchases Returns and Allowances P 31,000 Purchases Discounts 20,000 Net Purchases P Transportation In 36,000 Net Cost of Purchases Cost of Goods Available for Sale P Less: Inventory, Dec. 31, 2019 260,000 Cost of Sales P Gross Prot P 620,000 Operating Expenses Prot P Additional Information: Gross prot is 40% of net sales and prot is 10 of net sales