The following data were extracted from the accounting records of Meridan designs for the year...
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Accounting
The following data were extracted from the accounting records of Meridan designs for the year edned march 31, 2014
Merchandise inventory april 1 2013 $530,000
Merchandise inventory march 31 2014 375,000
purchases 270,000
purchases on returns and allowances 25,000
purchase discounts 10,000
sales 790,000
sales returns 20,000
freight in 3,000
Prepare the cost of merchandise sold section of the income statement for the year ended march 31,2014 using the periodic method. Also determine gross profit.
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