LaPine Company has the following account balances as of December 1 answer below »

LaPine Company has the following account balances as of December 31, 2010:
Purchase returns and allowances ………………………….$ 400
Inventory, January ………………………………………… 1 4,000
Sales ………………………………………………………. 80,000
Transportation-in …………………………………………. 1,000
Sales returns and allowances ……………………………… 500
Purchase discounts ………………………………………… 800
Inventory, December 31 ………………………………….. 3,800
Purchases ………………………………………………… 30,000
Sales discounts …………………………………………… 1,200
Required
Prepare a partial income statement for LaPine Company for 2010 through gross profit. Calculate LaPine’s gross profit ratio for 2010.

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