Question
costnof merchandise sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30,2014: Merchandise
costnof merchandise sold and related items
The following data were extracted from the accounting records of Harkins Company for the year ended April 30,2014:
Merchandise inventory May 1, 2013 $380,000
Merchandise inventory, April 30,2014 415,000
Purchases 3,800,000
Purchases returns and allowances 150,000
Purchases discounts 80,000
Sales 5,850,000
Freight in 16,600
Prepare the cost of merchandise sold section of the income statement for the year ended April 30,2014, using the periodic inventory system.
Cost of merchandise sold:
Net purchases
Cost of merchandise sold
B. Determine the gross profit to be reported on the income statement for the year ended April 30,2014. $ _______.
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