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