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At the end of high pt department store's fiscal year on december 31, 2004, these accounts appeared in it adjusted trial balance.
Determine cost of goods sold and gross profit under periodic approach.
Freight-in 5,600merchandise inventory (beginning) 40,500purchases 442,000purchase discounts 12,000purchase returns and allowance 6,400Sales 718,000Sales Returns and Allowances 8,0001. merchandise inventory on December 31, 2004 is 75,0002. Note that high-pt department store uses a periodic system
Instructions:
Prepare an income statement through gross profit for the year ended December 31, 2004.
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