prepare multi step income statement and year end adjusting entries

The following selected information is presented for Grouper Limited for the year ended February 28, 2018. Grouper uses a periodic inventory system. Accounts receivable $35.400 Purchases $250.180 Administrative expenses 113,750 Purchase discounts 39,360 Common shares 88,290 Purchase returns and allowances 22,430 Dividends declared 39,190 Sales 425,730 Freight in 7,970 Sales discounts 29.450 Income tax expense 9.080 Sales returns and allowances 14,380 Interest expense 8,000 Selling expenses 10.000 Inventory, Mar. 1. 2017 56,740 Unearned revenue 4,360 Inventory. Feb. 28, 2018 79,000 Prepare the year-end adjusting entry that would be made to update the Inventory and Cost of Goods Sold accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 28 Prepare a multiple-step income statement. GROUPER LIMITED Income Statement >