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Mobile Device Retail Has Collected the Following Information for May

Question 130

Essay

Mobile Device Retail has collected the following information for May:
 Sales revenue $1,650,000 Store rent 84,000 Utilities 57,200 Sales commissions 247,500 Merchandise inventory, May 1 118,200 Merchandise inventory, May 31124,600 Freight-in 54,600 Administrative costs 115,100 Merchandise purchases 1,091,000\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.

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