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  • The Following Data Were Extracted From The Accounting Records of

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    Amit Pandey
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    The document provides accounting data for Harkins Company for the year ended April 30, 2018, including estimated returns, beginning and ending inventory, purchases, purchase returns and allowances, purchase discounts, sales, and freight in. This data can be used to prepare the cost of goods sold section and determine the gross profit for the income statement under the periodic inventory system. Using a perpetual inventory system may result in a different gross profit amount.

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    The Following Data Were Extracted From the Accounting Records Of

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    The document provides accounting data for Harkins Company for the year ended April 30, 2018, including estimated returns, beginning and ending inventory, purchases, purchase returns and allowances, purchase discounts, sales, and freight in. This data can be used to prepare the cost of goods sold section and determine the gross profit for the income statement under the periodic inventory system. Using a perpetual inventory system may result in a different gross profit amount.

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    © All Rights Reserved
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    28 views1 page

    The Following Data Were Extracted From The Accounting Records of

    Uploaded by

    Amit Pandey
    The document provides accounting data for Harkins Company for the year ended April 30, 2018, including estimated returns, beginning and ending inventory, purchases, purchase returns and allowances, purchase discounts, sales, and freight in. This data can be used to prepare the cost of goods sold section and determine the gross profit for the income statement under the periodic inventory system. Using a perpetual inventory system may result in a different gross profit amount.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

    The following data were extracted from the accounting

    records of

    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 .....................$ 11,600

    Inventory, May 1, 2017 ........................................380,000

    Inventory, April 30, 2018 .....................................415,000

    Purchases .......................................................3,800,000

    Purchases returns and allowances ............................150,000

    Purchases discounts ............................................. 80,000

    Sales ...........................................................5,850,000

    Freight in ......................................................... 16,600

    A. Prepare the cost of goods sold section of the income statement for the year ended April 30,
    2018, using the periodic inventory system.

    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?

    The following data were extracted from the accounting records of


    SOLUTION-- http://solutiondone.online/downloads/the-following-data-were-extracted-from-the-
    accounting-records-of/

    Unlock answers here solutiondone.online


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