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Determine gross profit to be reported on income statement

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Reference no: EM131778139

Problem - The following data were extracted from the accounting records of Meniscus Company for the year ended June 30, 2008:

Merchandise inventory, July 1, 2007 . . . . . . . . . . . . $ 183,250

Merchandise inventory, June 30, 2008 . . . . . . . . . . 200,100

Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,279,600

Purchases returns and allowances . . . . . . . . . . . . . . 41,200

Purchases discounts . . . . . . . . . . . . . . . . . . . . . . . . . . 20,500

Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,800,000

Transportation in . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,250

a. Prepare the cost of merchandise sold section of the income statement for the year ended June 30, 2008, using the periodic inventory system.

b. Determine the gross profit to be reported on the income statement for the year ended June 30, 2008.

Reference no: EM131778139

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