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Harrison Company has a July 31 fiscal year end and uses a perpetual inventory system. The records of Harrison Company show the following data:

Harrison Company has a July 31 fiscal year end and uses a perpetual inventory system. The records of Harrison Company show the following data: 2021 2020 2019 Income statement: Sales $350,000 $330,000 $310,000 Cost of goods sold 245,000 235,000 225,000 Operating expenses 76,000 76,000 76,000 Balance sheet: Merchandise inventory 55,000 45,000 35,000

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