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Bill Walters and Alice Jennings are partners in a business called Walters and Jennings Sportswear...

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Accounting

Bill Walters and Alice Jennings are partners in a business called Walters and Jennings Sportswear that sells athletic footwear. They have organized the business on a departmental basis as follows: running shoes, walking shoes, and specialty shoes. At the end of the first year of operation, the sales and cost of goods sold for the three departments are as follows:

Running Shoes Walking Shoes Specialty Shoes
Sales $36,000 $42,000 $12,000
Cost of goods sold 23,400 23,520 7,680

Prepare the gross profit section of a departmental income statement for the year ended December 31, 20--. Show the gross profit for each department and for the business in total.

Walters and Jennings Sportswear Departmental Income Statement (Partial) For Year Ended December 31, 20--
Running Shoes Dept. Walking Shoes Dept. Specialty Shoes Dept. Total
Sales $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4
Cost of goods sold fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8
Gross profit $fill in the blank 9 $fill in the blank 10 $fill in the blank 11 $fill in the blank 12

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