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The following data were extracted from the accounting records of Dana Designs on March 3 1 , the end of Dana s fiscal year: Line

 

The following data were extracted from the accounting records of Dana Designs on March 31, the end of Danas fiscal year:

Line Item Description Amount

Inventory, April 1 $530,000

Inventory, March 31375,000

Purchases 270,000

Purchase returns and allowances 25,000

Purchase discounts 10,000

Sales 770,000

Freight in 3,000

Prepare a partial income statement through gross profit for the year ended March 31, using the periodic method.

Dana Designs

Partial Income Statement

For the Year Ended March 31

Line Item Description Amount Amount Amount

$- Select -

Cost of goods sold:

$- Select -

Cost of merchandise purchased:

$- Select -

- Select -

blank blank

- Select -

Net purchases $Net purchases

- Select -

Total cost of merchandise purchased Total cost of merchandise purchased

$- Select -

- Select -

Cost of goods sold Cost of goods sold

Gross profit $Gross profit

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