At the end of Ehlinger Department Store”s fiscal year on December 31, 2012, these accounts appeared in its adjusted trial balance.
|
Freight-in |
$ 7,200 |
|
Inventory (beginning) |
40,500 |
|
Purchases |
456,000 |
|
Purchase Discounts |
12,000 |
|
Purchase Returns and Allowances |
6,400 |
|
Sales Revenue |
702,000 |
|
Sales Returns and Allowances |
8,000 |
Additional facts:
1. Merchandise inventory on December 31, 2012, is $58,300.
2. Note that Ehlinger Department Store uses a periodic system.
Instructions
Prepare an income statement through gross profit for the year ended December 31, 2012.