The following data were extracted from the accounting

records of 115433
The following data were extracted from the accounting records of Danhof Company for the year
ended June 30, 2012:Merchandise inventory, July 1, 2011 ...... $ 250,000Merchandise
inventory, June 30, 2012 ...... 325,000Purchases ................ 2,100,000Purchases returns and
allowances ......... 50,000Purchases discounts ............ 39,000Sales ..................
3,250,000Freight in ................. 12,500a. 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.c. Would gross profit be different if the perpetual inventory system was used instead of the
periodic inventory system?View Solution:
The following data were extracted from the accounting records of 115433
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