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Before completing the homework please review the problems discussed in class and in my lecture...

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Accounting

Before completing the homework please review the problems discussed in class and in my lecture notes. Then proceed to complete chapter 6 prepare a merchandise income statement using the periodic approach. The data to complete the requirements for the problem is stated below.

Gross Sales 550,000 Sales Returns 25,000 Freight In 16,000

Inventory-beg 110,000 Purchase Returns 10,000 Selling Expenses 75,000

Inventory -end 170,000 Purchase Discounts 5,000 General Expenses 90,000

Sales Discounts 20,000 Purchases 300,000

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