The following data were extracted from the accounting records of Meridian Designs for the year ended March 31, 2012.
Prepare the cost of merchandise sold section of the income statement for the year ended March 31, 2011, using the periodic method. Also determine gross profit.
Definitions:
Proximity
The principle suggesting that objects that are physically close to each other tend to be perceived as belonging together.
Closure
The psychological term that describes an individual's desire or tendency to seek a sense of completeness or wholeness in perceiving or organizing information or experiences.
Continuation
The process of extending or carrying something on over a period of time.
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