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Financial Accounting
15th Edition
ISBN: 9781337272124
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Textbook Question
Chapter 6, Problem 36E
The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2019:
- a. Prepare the cost of merchandise sold section of the income statement for the year ended April 30, 2019, using the periodic inventory system.
- b. Determine the gross profit to be reported on the income statement for the year ended April 30, 2019.
- c.
Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
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Chapter 6 Merchandise Inventory; Author: Vicki Stewart;https://www.youtube.com/watch?v=DnrcQLD2yKU;License: Standard YouTube License, CC-BY
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