BAP12 EX Inventory FIFO LIFO

E4.7 - Classified Statement of Profit and Loss INCOME Sales revenue: Gross sales revenue Less: Sales returns and allowances Net sales revenue Less: Cost of sales GROSS PROFIT Other income: Discount received Rent revenue EXPENSES Selling expenses: Freight out 7,000 Rent expense - store space 20,000 Administrative expenses: Insurance expense 12,000 Office salaries expense 61,000 Financial expenses: Discount allowed 8,000 Bank charges 50 Total operating expenses PROFIT BEFORE INCOME TAX Less: Income tax expense PROFIT
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