The following data were extracted from the accounting records of Catz Company for the year ended April 30, 20Y2: Merchandise inventory, May 1, 20Y1 ......... $ 175,000 Merchandise inventory, April 30, 20Y2 ........ 240,000 Purchases .................... 1,400,000 Purchases returns and allowances ......... 20,000 Purchases discounts ............... 18,000 Sales ..................... 2,250,000 Freight in .................... 13,000 a. Prepare the cost of merchandise sold section of the income statement for the year ended April 30, 20Y2, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y2.
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