At the end of Dayton Department Store's fiscal year on November 30, 2019, these accounts appeared in its adjusted trial balance.
Freight-In...................................$ 7,500
Inventory....................................40,000
Purchases..................................585,000
Purchase Discounts.........................6,300
Purchase Returns and Allowances........2,700
Sales Revenue..........................1,000,000
Sales Returns and Allowances...........20,000
Additional facts:
1. Merchandise inventory on November 30, 2019, is $52,600.
2. Dayton Department Store uses a periodic system.
Instructions
Prepare an income statement through gross profit for the year ended November 30,
2019.