At the end of Duckworth Department Store’s fiscal year on November 30, 2011, these accounts appeared in its adjusted trial balance.
|
Freight in |
$ 4,500 |
|
Merchandise Inventory |
40,000 |
|
Purchases |
585,000 |
|
Purchase Discounts |
6,300 |
|
Purchase Returns and Allowances |
2,700 |
|
Sales |
810,000 |
|
Sales Returns and Allowances |
18,000 |
Additional facts:
1. Merchandise inventory on November 30, 2011, is $32,600.
2. Note that Duckworth Department Store uses a periodic system.
Instructions
Prepare an income statement through gross profit for the year ended November 30, 2011.