Memphis Company Data: Net sales $120,000 Beginning merchandise inventory $ 50,000 Ending merchandise inventory $...
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Accounting
Memphis Company Data: Net sales $120,000 Beginning merchandise inventory $ 50,000 Ending merchandise inventory $ 35,000 Purchases $ 85,000 Purchase Returns $ 5,000 Freight-in $ 7,000 Operating expenses $ 40,000 Required: Prepare the multi-step income statement. The company uses the periodic inventory system.
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