Prepare a multi-step income statement for the Appully Company (a clothing retailer) for the year

Prepare a multi-step income statement for the Appully Company (a clothing retailer) for the year ending December 31, 2003 given the information below:

Advertising expenditures	68,000
Beginning inventory	256,000
Depreciation	78,000
Ending inventory	248,000
Gross Sales	3,210,000
Interest expense	64,000
Lease payments	52,000
Management salaries	240,000
Materials purchases	2,425,000
R&D expenditures	35,000
Repairs and maintenance costs	22,000
Returns and allowances	48,000
Taxes	51,000