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Preparing a single-step income statement preparing a

Question: Preparing a single-step income statement, preparing a multi-step income statement, and computing the gross profit percentage Culinary Creations Beef Company uses a perpetual inventory system. The records of Culinary Creations Beef Company list the following selected accounts for the quarter ended April 30, 2016:

Requirements: 1. Prepare a single-step income statement.

2. Prepare a multi-step income statement.

3. J. Davis, manager of the company, strives to earn a gross profit percentage of at least 50%. Did this goal? Show your calculations.

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