profit and loss statement

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Construct a final profit and loss statement from the following figures and calculate the major factors as percentages and dollar amounts.

Opening inventory $74,200

Gross sales $248,000

Advertising $15,000

Misc. expenses $ 18,000

Purchases at cost $120,000

Closing Inventory $78,000

Customer returns $25,800

Salaries $26,000

Transportation charges $8,000

Rent $39,000

Cash discounts 3%

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