Mobile Device Retail Has Collected the Following Information for May

Essay

Mobile Device Retail has collected the following information for May:
$\begin{array}{lr}\text { Sales revenue } & \$ 1,650,000 \\\text { Store rent } & 84,000 \\\text { Utilities } & 57,200 \\\text { Sales commissions } & 247,500\\\text { Merchandise inventory, May 1 } & 118,200 \\\text { Merchandise inventory, May } 31 & 124,600 \\\text { Freight-in } & 54,600 \\\text { Administrative costs } & 115,100 \\\text { Merchandise purchases } & 1,091,000\end{array}$
Required:
Prepare a gross margin income statement for the month of May.