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REQUIRED: a) A physical count on December 31,2017 revealed a merchandise inventory balance actually on hand of $32,000. Use this information to prepare only the

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REQUIRED: a) A physical count on December 31,2017 revealed a merchandise inventory balance actually on hand of $32,000. Use this information to prepare only the part of a classified, multiple-step income statement under the PERIODIC SYSTEM that shows the SALES, COST OF GOODS SOLD, and GROSS PROFIT SECTIONS for the year ended December 31, 2017. (12 marks)

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