Gross Profit Section of Departmental Income Statement Bill Walter and Alice Jennings are partners in a business called Walters and Jennings Sportswear that sells athletic footwear. They have organized the business on a department 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 7,600
Prepare the gross profit section of a department income statement for the year ended December 31, 20-. Show the gross profit for each department and for the business in total.