Problem 6.1A (Algo) Evaluating Profitability (LO6-1, LO6-3, LO6-8) Claypool Hardware is the only hardware store in a remote area of northein Minnesota some of Claypoors transactions during the cument year-are as follows. wai 59,570 . Decis Callected in cash the $14,140 occount receivable fros demidji construction. coppary's ouditors ind is conslidered correct. Assume that an index of laey business tatios in your library shows hardware stores of Cloypool's appraximate size ( in total assetsy average net saies of 51 milion per year and a gross profit margin of 22 percent. Required: a perpetual inventory systent) b. Prepare a partial income statement showing the companys gross profit for the year. (Net soles for the year armount fo 51029 , 100 ) inerchandise. (These additional charges are included in the anount shown as cost of goods sold) d. Doss the business appear to sutfer or benefit financialy from is remote. location? Problem 6.1A (Algo) Evaluating Profitability (LO6-1, LO6-3, LO6-8) Claypool Hardware is the only hardware store in a remote area of northein Minnesota some of Claypoors transactions during the cument year-are as follows. wai 59,570 . Decis Callected in cash the $14,140 occount receivable fros demidji construction. coppary's ouditors ind is conslidered correct. Assume that an index of laey business tatios in your library shows hardware stores of Cloypool's appraximate size ( in total assetsy average net saies of 51 milion per year and a gross profit margin of 22 percent. Required: a perpetual inventory systent) b. Prepare a partial income statement showing the companys gross profit for the year. (Net soles for the year armount fo 51029 , 100 ) inerchandise. (These additional charges are included in the anount shown as cost of goods sold) d. Doss the business appear to sutfer or benefit financialy from is remote. location