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please help! The Coener Nook began 2021 with 80,000 unis of imventory that cost $40,000. During 2021, The Comer Nook purchased merchandise on account for
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The Coener Nook began 2021 with 80,000 unis of imventory that cost \$40,000. During 2021, The Comer Nook purchased merchandise on account for $350,000. (ctick that ticon to vitw thie purchases) Cash payments on account fotaled $239,000 during the year (ignore purchase discounts). The Comer Nooke sulen during 2024 consiated of 430,000 units of invenlony for 5688,000 , all on account The company uses the FFO inventory method. Cash collections from customers were $584,000. Operating expenses totaled $190,500, of which The Corner Nook pald $151,000 in cash, The Comer Nook crediled Accrued Liebabes for the remaindet. At Decomber 31 , The Cornet Nook accrued income tax erpense ot the rato of 355 , of income betore tax. Requirement 2 Prepare The Corner Nooks income utatement for 2021 . Show subtotals for the gross prote and income bofore tax Data table Step by Step Solution
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