(Solution) - MegaLo Mart provides the following information relating to its m -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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Pages: 5 Words: 1375

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MegaLo Mart provides the following information relating to its most recent year of operations. MegaLo Mart charges off the entire cost of transportation in to the income statement for the period.
Revenues ............ $14,568,800
Beginning inventory, 1/1 ........ 245,600
Ending inventory, 12/31 ....... 260,400
Purchases ............. 10,950,325
Transportation in ........... 102,500
Sales commissions ......... 437,064
Store rent ............ 1,435,000
Store utilities ............ 134,675
Other administration .......... 879,345

Required:
Complete a GAAP income statement to determine MegaLo Mart?s profit before taxes.