Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac

تمرين 72

Cost of goods sold and related items
The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2018:

A. Prepare the cost of goods sold section of the income statement for the year ended April 30, 2018, using the periodic inventory system.
B. Determine the gross profit to be reported on the income statement for the year ended April 30, 2018.
C. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?