Fowler Retail Has Collected the Following Information for August Required:
Prepare a Gross Margin Income Statement for the Month

Essay

Fowler Retail has collected the following information for August:
$\begin{array}{lr}\text { Sales revenue } & \$ 1,155,000 \\\text { Storerent } & 58,800 \\\text { Utilities } & 40,400 \\\text { Sales commissions } & 173,300\\\text { Merchandise inventory, } 8 / 1 & 87,220 \\\text { Merchandise inventory, } 8 / 31 & 82,740 \\\text { Freight-in } & 30,300 \\\text { Administrative costs } & 80,600 \\\text { Merchandise purchases } & 763,700\end{array}$

Required:
Prepare a gross margin income statement for the month of August.