The Ferdon Company uses a periodic inventory system. The following is partial information from its income statements

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The Ferdon Company uses a periodic inventory system. The following is partial information from its income statements for 2007 and 2008:

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Fill in the blanks numbered 1 through 6.

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1 Sales 220000 Less Sales returns 1000 Net sales 219000 Less Cost of goods sold 106000 Gross profit ...View the full answer

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Intermediate Accounting

ISBN: 978-0324300987

10th Edition

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

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Question Posted: Mar 10, 2012 05:54 AM

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The Ferdon Company uses a periodic inventory system. The following is partial information from its income statements

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2007 2008 Beginning inventory 5 (2 Sales (4 (6) 140,000 220,000 118,000 2,000 48,000 1,000 Purchases ret Ending inventory Sales returns Gross profit Cost of goods sold Expenses Net income 3,000 74,000 3,000 77,000 urns (1) 106,000 (5) 65,000 62,000 15,000

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1 Sales 220000 Less Sales returns 1000 Net sales 219000 Less Cost of goods sold 106000 Gross profit ...View the full answer

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