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Category > Accounting Posted 24 Sep 2017 My Price 6.00

Harkins Company

EX 5-33 Cost of merchandise sold and related items

The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2014:

Merchandise inventory, May 1, 2013

$380,000

Merchandise inventory, April 30, 2014

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 merchandise sold section of the income statement for the year ended April 30, 2014, using the periodic inventory system.

b. Determine the gross profit to be reported on the income statement for the year ended April 30, 2014.

c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?

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Maurice Tutor
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Status NEW Posted 24 Sep 2017 10:09 PM My Price 6.00

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