1.the following data were extracted from the accounting records of Meridian Design for the year ended March 31, 2014. merchandise inventory, April 1, 2013 $550,000 merchandise inventory March 31 2014 $375000 purchases 275000 purchase returns and allowances 22000 purchase discounts 10000 sales 810000 sales returns 19000 freight in 3000 selling expenses 112000 administrative expenses 150000

prepare the income statement for the year ended March 31 2014 using the periodic method.