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Cost of Merchandise Sold and Related Items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y7: Merchandise inventory, May 1, 2016 $337,800 Merchandise inventory, April 30, 2017 422,200 Purchases 2,744,500 Purchases returns and allowances 84,400 Purchases discounts 50,700 Sales 4,222,300 Freight in 12,700 a. Prepare the cost of merchandise sold section of the income statement for the year ended April 30, 20Y7, using the periodic inventory system. Harkins Company Income Statement For the Year Ended April 30, 20Y7 Merchandise inventory, May 1, 2076 337,800 Cost of merchandise purchased: Purchases 2,744,500 V Purchases returns and allowances 84.400 Purchases discounts 50,700 V Net purchases 2,609,400 Freight in 12,700 Total cost of merchandise purchased 2,622,100 lerchandise available for sale Check My Work Email Instructor Save and Exit Submit As MacBook Air 20 . . . F6 F7 F8 F9 F10 F4 F5 % A & 4 5 9 m R Y U O PFreight in 12,700 Total cost of merchandise purchased 2,622,100 Merchandise available for sale Merchandise inventory, April 30, 207 422 200 Cost of merchandise sold Feedback Check My Work (a) The cost of merchandise sold section includes the beginning inventory, plus net purchases, plus freight in, and less the ending inventor b. Determine the gross profit to be reported on the income statement for the year ended April 30, 2017. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system? No Feedback Check My Work (b) Sales minus the cost of merchandise sold equals the gross profit. (c) The cost of merchandise sold is subtracted from sales to arrive at gross profit. Will the cost of merchandise sold or sales be a different method? Feedback Check My Work Email Instructor Save and Exit Subm MacBook Air 14 DD F3 0OO F4 F5 F6 F7 F8 F10 A & 4 5 6 8Closing Entries using Periodic Inventory System Instructions Chart of Accounts ! Journal Instructions United Rug Company is a small rug retailer owned and operated by Pat Kirwan. After the accounts have been adjusted on December 31, the following selected account balances were taken from the ledger Advertising Expense $32,000 Depreciation Expense 12,430 Freight In 13,280 Merchandise Inventory, January 1 375,850 Merchandise Inventory, December 31 483,030 Miscellaneous Expense 9,610 Purchases 1,767,500 Purchases Discounts 32,020 Purchases Returns and Allowances 41,530 Pat Kirwan, Drawing 64,330 Salaries Expense 374,950 Sales 2,214,500 Required: Journalize the closing entries on December 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. Check My Work Previous Next Email Instructor Save and Exit Submit Assignment for Grading MacBook Air DD F5 F7 F8 F10 F1 F12 F3 800 F4 F9 A & 8 O E R T Y U O P F G H KInstructions Chart of Accounts CHART OF ACCOUNTS United Rug Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Rent Revenue 125 Notes Receivable 130 Merchandise Inventory EXPENSES 140 Office Supplies 510 Purchases 141 Store Su 511 Purchases Returns and Allowances 142 Prepaid Insurance 512 Purchases Discounts 180 Land 513 Freight In 192 Store Equipment 521 Delivery Expense 193 Accumulated Depreciation-Store Equipment 522 Advertising Expense 194 Office Equipment 523 Depreciation Expense 195 Accumulated Depreciation-Office Equipment 526 Salaries Expense 531 Rent Expense LIABILITIES 533 Insurance Expense Check My Work Previous Email Instructor Save and Exit Submit Assig MacBook Air . . . 14 DII F3 000 F11 F4 F5 F6 F7 F8 F9 F10 & K LA % 5 7 8 9 Y U O P m RInstructions Journal Shaded cells have feedback. Journalize the closing entries on December 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Eve line on a journal page is used for debit or credit entries. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 10 JOURNAL Score: 8/171 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY Closing Entries Dec. 3 Check My Work Previous Next > Email Instructor Save and Exit Submit Assignment for Grading MacBook Air 44 DII 20 F3 F7 F8 F9 F10 F1 F12 F4 F5 % A & 5 8 Y U O P m R T D G H K C V B N M