The following data were extracted from the accounting records of Dana Designs for the year ended March 31. Prepare the gross profit and cost of goods sold section of the income statement for the year ended March 31, using the periodic method.​

Periodic Method

An accounting system where inventory values and cost of goods sold are determined at the end of an accounting period.

Cost of Goods Sold

Costs directly linked to the manufacturing of products sold by a business, encompassing the expenses of materials and labor specifically employed in the product's production.

Gross Profit

The difference between sales revenue and the cost of goods sold before deducting overheads, payroll, taxation, and interest payments.