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Prepare an income statement through gross profit

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Question - At the end of Oates Department Store's fiscal year on November 30, 2017, these accounts appeared in its adjusted trial balance.

Freight-In $5,161

Inventory (beginning) 42,126

Purchases 625,260

Purchase Discounts 7,140

Purchase Returns and Allowances 6,895

Sales Revenue 920,040

Sales Returns and Allowances 20,400

Additional facts: Inventory on November 30, 2017, is $36,924.2. Note that Oates Department Store uses a periodic system.

Required - Prepare an income statement through gross profit for the year ended November 30, 2017.

Reference no: EM132549239

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