Question: Using the following data taken from Sun Incorporated which uses a periodic inventory system, prepare the cost of merchandise sold section of the income statement

Using the following data taken from Sun Incorporated which uses a periodic inventory system, prepare the cost of merchandise sold section of the income statement for the year ended December 31.What is the gross profit for Sun Incorporated?

?

Merchandise inventory, January 1

$ 193,250

Merchandise inventory, December 31

180,100

Purchases

1,079,600

Purchases returns and allowances

51,200

Purchases discounts

18,500

Sales

1,860,000

Freight in

19,250

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