What is amount of net income using periodic inventory system

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Reference no: EM132658337

Problem 1: Using the following information for a periodic inventory system, what is the amount of net income?

Purchases $27,121

Selling expense $742

Inventory, September 1 7,714

Inventory, September 30 9,562

Administrative expense 571

Sales 46,831

Rent revenue 1,086

Interest expense 853

a. $853

b. $25,273

c. $20,478

d. $26,146

Reference no: EM132658337

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