At December 31, 2020, 3M had the following accounting balances. Freight-in Purchases Sales Sales Discount...
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At December 31, 2020, 3M had the following accounting balances. Freight-in Purchases Sales Sales Discount Purchase Discount Sales Return and allowances Purchase Return and Allowances 60,000 16,000,000 30,000,000 700,000 100,000 1,500,000 600,000 On January 01, 2020, 3M had inventory of Taka 200,000, and on December 31, 2020, its ending inventory is Taka 160,000 - Instruction: Compute 3Ms 2020 Gross Profit. Prepare a partial income statement. [4 marks]
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