1. Using the following data taken from Hsu's Imports Inc. which uses a periodic inventory system, determine the gross profit to be reported on the income statement for the year ended March 3. erchandise inventory, Aprill Merchandise inventory, March 31 urchases Purchases returns and allowances Purchases discounts S 193.250 1,079,600 18,500 1,860,000 19 I. Journalize the following transactions for Armour Inc. using both the periodic inventory system and the perpetual inventory system, presented in the side-by-side format of the form provided below. Oct.7 Sold $1.200 of merchandise on credit to Rondo Distributors, terms n/30, the cost of the Oct. 8 Purchased merchandise, $10,000; terms FOB shipping point and 2/15, n/30; with prepaid merchandise was $720. freight charges of $525 added to the invoice