LaPine Company has the following account balances as of December 31, 2017: Inventory, January 1 ....................................... $
Question:
LaPine Company has the following account balances as of December 31, 2017:
Inventory, January 1 ....................................... $ 4,000
Net sales ........................................................... 78,300
Transportation-in .............................................. 1,000
Inventory, December 31 ................................... 3,800
Net purchases .................................................. 28,800
Required
Prepare a partial income statement for LaPine Company for 2017 through gross profit. Calculate
LaPine's gross profit ratio for 2017.
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Related Book For 
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1337491471
10th edition
Authors: Gary A. Porter, Curtis L. Norton
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