eBook Exhibit Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2048: Estimated returns of current year sales $11,600 Inventory, May 1, 2017 380,000 Inventory, April 30, 20Y8 415,000 3,800,000 Purchases Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the "cost of goods sold" section of the income statement for the year ended April 30, 2048, using the periodic inventory system. Harkins Company Income Statement For the Year Ended April 30, 2018 Cost of goods sold: Cost of merchandise purchased: $ Cost of goods sold Check My Work 3 more Check My Work uses remaining. Previous all work saved . All work saved. Email Instructor Save and Exit Submit Assignment for Grading eBook Exhibit Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the "cost of goods sold" section of the income statement for the year ended April 30, 2048, using the periodic inventory system. Harkins Company Income Statement For the Year Ended April 30, 20Y8 Cost of goods sold: Cost of merchandise purchased: Cost of goods sold b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. $ C. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system? Check My Work 3 more Check My Work uses remaining. Previous