Delta Electric, Co., uses the periodic inventory system. Delta reported the following selected amounts at May 31,
Question:
Requirement
1. Compute Deltas
a. Net sales revenue.
b. Cost of goods sold.
c. Grossprofit.
Transcribed Image Text:
Inventory, May 31, 2011 Inventory, May 31, 2012 Purchases (of inventory) Purchase discounts Purchase returns $ 16,000 Freight in Sales revenue 84,000 Sales discounts 3,000 Sales returns 9,000 Stockholders' equity $ 4,000 174,000 17,000 47,000
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Req 1a Sales revenue sales returns sales discounts net sales revenue 174000 17000 6...View the full answer
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Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
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