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3) Question: On January 1, 2010, ISTIKBAL Corporation had merchandise inventory of $80,000. At December 31, 2010, ISTIKBAL Co. had the following account balances: Freight-in

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3) Question: On January 1, 2010, ISTIKBAL Corporation had merchandise inventory of $80,000. At December 31, 2010, ISTIKBAL Co. had the following account balances: Freight-in $15,000, Purchases $730,000, Purchase discount $2,000, Sales $750,000, Sale discount $8,000, Purchase returns $6,000, Sales allowances $12,000 At December 31, 2010 ISTIKBAL Co. determines that its ending Inventory is $50,000. Required: prepare Income statement to Compute ISTIKBAL's 2010 gross profit

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