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The draft financial statements of Hanford Ltd are given below:                  

The draft financial statements of Hanford Ltd are given below:                                                                         Balance sheet as at 31 December                                                                                2002                           2001                                                                      $'000       …

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sales revenue…$247,000freight in…………..$15,000purchase returns….$8,00

sales revenue...$247,000freight in..............$15,000purchase returns....$8,000Rent expense...........$28,000beginning inventory....$28,000bad debt expense......$19,000purchases.......................$86,000cost of goods sold......?freight out.......................$10,000sales discounts............$12,000allowance for doubtful accounts.....$18,000purchases discounts..................?income tax expense.............$24,000ending inventory...............$17,000jackson…

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