Answer:
.................................................Big Fuzzy Spider.................................................
.....................................Income Statement for the year.....................................
Sales............................................................................................ $39,150,000
Cost of Goods sold:
Opening Inventory ............................................$3,500,000
Add: Purchases...................................................$23,350,000
Less: Closing Inventory....................................<u> $4,445,000</u>
Less: Cost of Goods Sold ........................................................<u>.($22,405,000)</u>
Gross Profit....................................................................................$16,745,000
Less: Operating Expenses ........................................................<u>($7,225,000)</u>
Net Profit ................................................................................$9,520,000
