Complete the income statement. Camelot Sales Inc. had gross sales of $2,659,000 with returns of $59,700. The inventory on January 1 was $570,000. During the year $1,062,000 worth of goods was purchased with freight of $5,600. The inventory on December 31 was $519,000. Wages and salaries were $82,600, rent was $14,500, advertising was $17,400, utilities were $5,200, business taxes totaled $9,000, and miscellaneous expenses were $6,200.
A. 1) $2,659,000, 2) $59,700, 3) $2,599,300, 4) $1,118,600, 5) $1,480,700, 
B. 1) $2,659,000, 2) $59,700, 3) $2,718,700, 4) $1,118,600, 5) $1,600,100, 
C. 1) $2,659,000, 2) $59,700, 3) $2,599,300, 4) $1,107,400, 5) $1,491,900, 
D. 1) $2,659,000, 2) $59,700, 3) $2,599,300, 4) $1,118,600, 5) $1,480,700, 
Answer: D
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