Taylor Company uses a periodic inventory system. The following is partial information from its income statements for

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Taylor Company uses a periodic inventory system. The following is partial information from its income statements for 2016 and 2017:

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Intermediate Accounting Reporting and Analysis

ISBN: 978-1285453828

2nd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

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Question Posted: Oct 05, 2015 05:01 AM

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Taylor Company uses a periodic inventory system. The following is partial information from its income statements for

Question:

2016 2017 $ (d) 140,000 inning inventory 220,000 118,000 2,000 Purchases Purchase retums Ending invenlory Gross profit Cost of goods sold 3,000 74,000 o77,000 48,000 106,000 (e) 65,000 2,000 15,000 Net income

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a Sales 220000 Less Cost of goods sold 106000 Gross profit 114000 ...View the full answer

Intermediate Accounting Reporting and Analysis

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