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Beginning merchandise inventory was $27,035. Supplementary records of merchandising activities for the year ended ...

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Accounting

Beginning merchandise inventory was $27,035. Supplementary records of merchandising activities for the year ended
August 31 reveal the following itemized costs.
Problem 4-3A (Algo) Computing merchandising amounts and formatting income statements LO C1, P4
Required:
Compute the company's net sales for the year.
Compute the company's total cost of merchandise purchased for the year.
Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses,
and general and administrative expenses.
Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and
general and administrative expenses.
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