Complete the income statement. Camelot Sales Inc. had gross sales of $3,390,000 with returns of $68,500. The inventory on January 1 was $556,000. During the year $1,056,000 worth of goods was purchased with freight of $5100. The inventory on December 31 was $510,000. Wages and salaries were $83,000, rent was $11,200, advertising was $10,600, utilities were $6700, business taxes totaled $8100, and miscellaneous expenses were $8400.
A. 1) $3,390,000, 2) $68,500, 3) $3,321,500, 4) $1,107,100, 5) $2,214,400, 
B. 1) $3,390,000, 2) $68,500, 3) $3,321,500, 4) $1,107,100, 5) $2,214,400, 
C. 1) $3,390,000, 2) $68,500, 3) $3,458,500, 4) $1,107,100, 5) $2,351,400, 
D. 1) $3,390,000, 2) $68,500, 3) $3,321,500, 4) $1,096,900, 5) $2,224,600, 
Answer: B
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