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.