Algorithmic Save Submit Check My eBook Cost of Merchandise Sold and Related Items The following data were extracted from the accounting records of Danhof Company for the year ended June 30, 2012: Merchandise inventory, July 1, 20Y1 $382,300 Merchandise Inventory, June 30, 2012 477,800 Purchases 3,105,900 Purchases returns and allowances 95,600 Purchases discounts 57,300 Sales 4,778,300 Freight in 14,300 Hide a. Prepare the cost of merchandise sold section of the income statement for the year ended June 30, 2012, using the periodic inventory system. Danhof Company Cost of Merchandise Sold Section of the Income Statement Danhof Company Cost of Merchandise Sold Section of the Income Statement For the year ended June 30, 20Y2 anal b. Determine the gross profit to be reported on the income statement for the year ended June 30, 20Y2