Please I'm lost how to figure out these given date and any help would be greatly appreciated.
Financial statement data are given below. All figures are in dollars. Use this data to construct an Income Statement and use your constructed statement to answer the following 4 questions.
End of year inventory 9,054,900
Management salaries 2,648,700
Purchases 9,125,800
Advertising 478,900
Beginning of year inventory 8,456,200
Taxes 440,900
Depreciation 482,600
Lease payments 124,000
Gross sales 14,562,800
Research and development 128,600
Interest expense 358,700
Returns and allowances 291,200
General and administrative expenses 483,600
1. What was gross profit from income statement?
2. What was operating profit (i.e. EBIT) income statement?
3. What was profit before taxes (i.e. EBT) income statement?
4. What was net income income statement?
