The following data were extracted from the accounting records of Dana Designs on March $31,$ the end of Dana$$s fiscal year:

Line Item Description Amount

Inventory, April $1$ $$530,000$

Inventory, March $31375,000$

Purchases $270,000$

Purchase returns and allowances $25,000$

Purchase discounts $10,000$

Sales $770,000$

Freight in $3,000$

Prepare a partial income statement through gross profit for the year ended March $31,$ using the periodic method.

Dana Designs

Partial Income Statement

For the Year Ended March $31$

Line Item Description Amount Amount Amount

$$-$ Select $-$

Cost of goods sold:

$$-$ Select $-$

Cost of merchandise purchased:

$$-$ Select $-$

$-$ Select $-$

blank blank

$-$ Select $-$

Net purchases $Net purchases

$-$ Select $-$

Total cost of merchandise purchased Total cost of merchandise purchased

$$-$ Select $-$

$-$ Select $-$

Cost of goods sold Cost of goods sold

Gross profit $Gross profit

Answer rating: 100% (QA)

To prepare a partial income statement through gross profit for the year ended March 31 using the per... View the full answer