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Periodic and Perpetual Inventory

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/ Donnelly Bookstore Income Statement For the Year Ended June 30, 2x12 Net Sales Gross Sales less: Sales Returns & Allowances Net Sales Cost of Goods Sold Merchandise Inventory, June 30, 2x11 Purchases Less Purchases Returns & Allowances Net Purchases Add: Freight In Cost of Purchases Cost of Goods Available for Sale Less: Merchandise Inventory, June 30, 2x12 Cost of Goods Sold Gross Margin Operating Expenses Selling Expenses Sales Salaries Expense Other Selling Expenses Store Supplies Expense Depreciation Exp. - Store Equipment Total Selling Expense General & Administrative Expenses Rent Expense Untilities Expense Insurance Expense Total Gen. & Adm. Expenses Total Operating Expenses Operating Income Income Tax Expense Net Income Prepare the year end closing entries using: 1) the periodic inventory method. 2) the perpetual inventory method. 29,450 63,200 21,011 42,189 2,261 44,450 73,900 33,227 21,430 2,614 1,607 4,300 29,951 3,600 1,827 1,400 6,827 1,02,250 987 1,01,263 40,673 60,590 36,778 23,812 7,144 16,668