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Cost of goods sold in a periodic system Delta Electric, Co., uses the periodic inventory system. Delta reported the following selected amounts at May 31, 2012:
Inventory, May 31, 2011
$ 16,000
Freight in
$ 4,000
Inventory, May 31, 2012
23,000
Sales revenue
174,000
Purchases (of inventory)
84,000
Sales discounts
6,000
Purchase discounts
3,000
Sales returns
17,000
Purchase returns
9,000
Stockholders' equity
47,000
Requirement
1. Compute Delta's
a. Net sales revenue.
b. Cost of goods sold.
c. Gross profit.
Financial Statement Analysis and Preparation
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