eported accounting procedure EXERCISE 9-2 The following information was taken from the records of Dawkins Co. for the year ended June 30, 2003. Merchandise inventory, July 1. 2002 $130,000 Merchandise inventory, June 30, 2003 125,000 600,000 Purchases returns and allowances 45,000 10,000 Sales 875,000 Transportation in 7.500 Instructions: Prepare a partial income statement for Dawkins Co. through the reporting of gross profit