Sherry Hopson owns a retail family clothing store. Her store is
located at 4321 Heather Drive, Henderson, NV 89002. Her employer
identification number is 95-1234321 and her Social Security number
is 123-45-6789. Sherry keeps her books on an accrual basis. The
income and expenses for the year are:
Gross sales
$351,700
Returns and
allowances
4,000
Expenses:
Beginning inventory (at
cost)
$ 84,300
Add: purchases
100,700
Cost of goods available
for sale
185,000
Less: ending inventory
(at cost)
75,000
Cost of...