Farm Fresh Beef Company uses a perpetual inventory system. The records of Farm Fresh Beef Company list the following selected accounts for the quarter ended April 30, 2018:

Farm Fresh Beef Company uses a perpetual inventory system. The records of Farm Fresh Beef  Company list the following selected accounts for the quarter ended April 30, 2018:

April 30 comma 20

Requirement 1. Prepare a​ single-step income statement.
 

Requirement 2. Prepare a​ multi-step income statement.


 
 Requirement 3.

N. FrosN. Frost​,

manager of the​ company, strives to earn a gross profit percentage of at least

50 %50%.

Did

Farm FreshFarm Fresh

achieve this​ goal? Show your calculations.


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