The following data was taken from Whisk Company's general ledger account balances and supplemental data.Whisk Company uses
Question:
The following data was taken from Whisk Company's general ledger account balances and supplemental data. Whisk Company uses the periodic inventory method to account for its inventory.
Merchandise inventory, start ................................................ .. ............................ | $ 40,000 |
Merchandise inventory, ending .................................................. .. ................................ | 46,000 |
Shopping................................................. ................................................................... ... ............. | 430.000 |
Discounts on purchases................................................... .................................................. ......... | 12,000 |
Returns and allowances for purchases .................................. .. .......................... | 6,000 |
Sales................................................. ................................................................ .. ...................... | 800.000 |
Sales discounts..................................................... .. .................................................. ...... ..... | 6,400 |
Returns of sales and benefits................................................... ...................................... | 3,600 |
Transport in............................................ . ................................................................ ... ... | 20,000 |
Required:
Show the computation, in Income Statement format, of net sales, cost of sales and gross profit for the year ended December 31, 2021
Expert Answer:
