Reference no: EM131811679

Question - At the end of Snyder Department Store's fiscal year on November 30, 2012, these accounts appeared in its adjusted trial balance.

Freight-in $ 5,060

Inventory (beginning) 41,300

Purchases 613,000

Purchase Discounts 7,000

Purchase Returns and Allowances 6,760

Sales Revenue 902,000

Sales Returns and Allowances 20,000

Additional facts:

1. Merchandise inventory on November 30, 2012, is $36,200.

2. Note that Snyder Department Store uses a periodic system.

Required - Prepare an income statement through gross profit for the year ended November 30, 2012.