Reference no: EM132769404
Question - The following data were extracted from the accounting records of Bald Eagle Tire Company for the year ended April 30, 2020:
Estimated returns of current year sales 11,600
Inventory, May 1, 2019 380000
Inventory, April 30, 2020 415,000
Purchases 3,800,000
Purchase returns and allowances 150,000
Purchase discounts 80,000
Sales 5,850,000
Freight-in 16,600
Required -
a. Prepare the cost of goods sold section of the income statement for the year ended April 30, 2020. Use the periodic inventory system.
b. Determine the gross profit to be reported on the income statement for the year ended April 30, 2020.
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