Reference no: EM132680328
Problem - Cost of merchandise sold and related items
The following data were extracted from the accounting records of Danhof Company for the year ended June 30, 2012:
Merchandise inventory, July 1, 2011 $250,000
Merchandise inventory, June 30, 2012 325,000
Purchases 2,100,000
Purchases returns and allowances 50,000
Purchases discounts 39,000
Sales 3,250,000
Freight in 12,500
Required -
a. Prepare the cost of merchandise sold section of the income statement for the year ended June 30, 2012, using the periodic inventory system.
b. Determine the gross profit to be reported on the income statement for the year ended June 30, 2012.
c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
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