Chat with us, powered by LiveChat The following data were extracted from the account - Writemia

The following data were extracted from the account

The following data were extracted from the accounting records of Dahof Company for the year ended June 30, 2012: Merchandise inventory, July 1, 2011 = $250,000 Merchandise inventory, June 30, 2012 = $325,000 Purchases = $2,100,000 Purchase returns and allowances = $50,000 Purchase discounts = $39,000 Sales = $3,250,000 Freight In = $12,500 a. prepare the cost of merchandise sold section of the income statement for the year ended June 30, 2012, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended June 30, 2012. Show

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