The following summarized data were provided by the records of Mystery Incorporated for the year...
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Accounting
The following summarized data were provided by the records of Mystery Incorporated for the year ended December 31: Administrative Expense $ 20,600 Cost of Goods Sold 173,000 Income Tax Expense 19,200 Sales Returns and Allowances 7,800 Selling Expense 43,400 Sales of merchandise for cash 280,000 Sales of merchandise on credit 46,000 Required:
1. Based on these data, prepare a multi-step income statement for internal reporting purposes.
2-a. What was the amount of gross profit?
2-b. What was the gross profit percentage? 2-c. Which of the following(s) is true? (Select all that apply.)
3. Did the gross profit percentage in the current year improve, or decline, relative to the 44 percent gross profit percentage in the prior year?
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