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At the end of Martinez Department Store's fiscal year on November 30, 2022, these accounts appeared in its adjusted trial balance.
Freight-In$ 7,900
Inventory39,200
Purchases588,000
Purchase Discounts6,800
Purchase Returns and Allowances2,900
Sales Revenue1,043,500
Sales Returns and Allowances17,400
Additional facts:
1. Per a physical count, merchandise inventory on November 30, 2022, is $ 53,100.
2. Note that Martinez Department Store uses a periodic system.
Problem 1: Prepare an income statement through gross profit for the year ended November 30, 2022.
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