The following data were extracted from the accounting records of Meridian Designs for the year ended March 31, 2014
| Merchandise Inventory, April 1, 2013 | $530,000 |
| Merchandise Inventory, March 31, 2014 | 375,000 |
| Purchases | 270,000 |
| Purchase Returns and Allowances | 25,000 |
| Purchase Discounts | 10,000 |
| Sales | 790,000 |
| Sales Returns | 20,000 |
| Freight In | 3,000 |
Prepare the cost of merchandise sold section of the income statement for the year ended March 31, 2014, using the periodic method. Also determine gross profit.
Darshita Changed status to publish February 17, 2020
