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Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159 Exercise 5
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, 2016:
a. Prepare the cost of merchandise sold section of the income statement for the year ended April 30, 2016, using the periodic inventory system.
b. Determine the gross profit to be reported on the income statement for the year ended April 30, 2016.
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 Harkins Company for the year ended April 30, 2016:
a. Prepare the cost of merchandise sold section of the income statement for the year ended April 30, 2016, using the periodic inventory system.
b. Determine the gross profit to be reported on the income statement for the year ended April 30, 2016.
c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system
Explanation
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a.Cost of merchandise sold using periodi...
Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
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