the gardner pharmacy uses the periodic inventory method in its most recent fiscal ye 4375740

The Gardner Pharmacy uses the periodic inventory method. In its most recent fiscal year, 2010, Gardner had beginning inventory of $50,000; gross purchases of $167,000; freight-in of $4,000; purchases returned to suppliers totaling $8,000; and ending inventory of $77,500. Make the year-end adjusting and closing entries to reflect the above information in the inventory, cost of goods sold, and income summary accounts. Then, assuming sales of $325,000, other expenses (excluding taxes) of $95,000, and a tax rate of 30 percent, prepare an income statement for the year, including the derivation of the cost of goods sold amount. View Solution:
The Gardner Pharmacy uses the periodic inventory method In its

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