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Calculate the yearend inventory journal entry

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Reference no: EM133176822

Question - Below find some accounts relating to Diedrick Industries at year end April 30 2022

Advertising Ex 3000

Diedrick - Capital 103380

Diedrick Drawings 13000

Depreciation Ex 13000

Freight in 5030

Freight out 8300

Interest Expense 3300

Inventory (Last year end) 33360

Property Tax Ex 3500

Purchases 633300

Purchases Returns & Allowances 13315

Purchases Discounts 6300

Rental Revenue 3800

Salaries Expense 123000

Sales 873000

Sales Returns and Allowances 6845

Utilities Expense 20700

Additional Information:

1. Diedrick uses a periodic inventory system.

2. A physical count determined that the inventory on hand at April 30 2022 was $30,000.

Required -

a. Calculate the income statement in the correct multiple step format, including GP% and MU%.

b. Calculate the yearend inventory journal entry.

c. Calculate the closing journal entries.

Reference no: EM133176822

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