The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2018 Estimated returns of current year sales $10,150 Inventory, May 1, 2017 394,150 Inventory, April 30, 2018 404,550 Purchases 3,957,250 Purchases returns and allowances 155,850 Purchases discounts 78,200 Sales 5,802,300 Freight in 16,350 A Prepare the cost of goods sold section of the income statement for the year ended April 30, 2018, using the periodic inventory system Be sure to complete the statement heading Refer to the information given in the exercise and to the list of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries Colons ( ) will fill in where needed Negative amount should be indicated by the minus sign B Determine the gross profit to be reported on the income statement for the year ended April 30, 2018 C Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system Accounts, Labels, and Amount Descriptions Accounts Accounts payable Customer refunds payable Delivery expense Freight in Purchases Purchases discounts Purchases returns and allowances Sales Supplies expense Labels April 30, 2018 For the Year Ended April 30, 2018 Operating expenses Cost of merchandise purchased Amount Descriptions Cost of goods sold Cost of goods sold before estimated returns Estimated returns Expenses Gross profit Inventory, April 30, 2018 Inventory, May 1, 2017 Inventory available for sale Net income Net purchases Revenues Total cost of merchandise purchased Cost of Goods Sold Shaded cells have feedback A Prepare the cost of merchandise sold section of the income statement for the year ended April 30, 2016, using the periodic inventory system Be sure to complete the statement heading Refer to the information given in the exercise and to the list of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries Colons ( ) will fill in where needed Negative amount should be indicated by the minus sign Schedule of Cost of Goods Sold Exhibit 17 as an illustration Final Questions Shaded cells have feedback B Determine the gross profit to be reported on the income statement for the year ended April 30, 2016

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The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2018: Estimated returns of current year sales

The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2018:

Estimated returns of current year sales	$10,150
Inventory, May 1, 2017	394,150
Inventory, April 30, 2018	404,550
Purchases	3,957,250
Purchases returns and allowances	155,850
Purchases discounts	78,200
Sales	5,802,300
Freight in	16,350

A.	Prepare the cost of goods sold section of the income statement for the year ended April 30, 2018, using the periodic inventory system. Be sure to complete the statement heading. Refer to the information given in the exercise and to the list of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Colons (:) will fill in where needed. Negative amount should be indicated by the minus sign.
B.	Determine the gross profit to be reported on the income statement for the year ended April 30, 2018.
C.	Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?

Accounts, Labels, and Amount Descriptions

Accounts
Accounts payable
Customer refunds payable
Delivery expense
Freight in
Purchases
Purchases discounts
Purchases returns and allowances
Sales
Supplies expense
Labels
April 30, 2018
For the Year Ended April 30, 2018
Operating expenses
Cost of merchandise purchased
Amount Descriptions
Cost of goods sold
Cost of goods sold before estimated returns
Estimated returns
Expenses
Gross profit
Inventory, April 30, 2018
Inventory, May 1, 2017
Inventory available for sale
Net income
Net purchases
Revenues
Total cost of merchandise purchased

Cost of Goods Sold

Shaded cells have feedback.

A. Prepare the cost of merchandise sold section of the income statement for the year ended April 30, 2016, using the periodic inventory system. Be sure to complete the statement heading. Refer to the information given in the exercise and to the list of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Colons (:) will fill in where needed. Negative amount should be indicated by the minus sign.