Thornbury Imports uses a periodic inventory system. A physical count valued ending inventory at $46,000. The tax rate is 25%.
| Account | Amount |
|---|
| Sales Revenue | $480,000 |
| Sales Returns and Allowances | 10,000 |
| Inventory, January 1 | 40,000 |
| Purchases | 300,000 |
| Purchase Returns and Allowances | 8,000 |
| Freight-In | 6,000 |
| Salaries and Wages Expense | 80,000 |
| Rent Expense | 24,000 |
| Advertising Expense | 12,000 |
| Depreciation Expense | 9,000 |
| Insurance Expense | 5,000 |
| Interest Expense | 4,000 |
Required: Prepare a multi-step income statement showing the full periodic cost-of-goods-sold section.