At the end of Ilhan Department Store’s fiscal year on November 30, 2014, these accounts appeared in its adjusted trial balance.
Freight-In                                                        7,500
Inventory                                                       40,000
Purchases                                                   585,000
Purchase Discounts                                        5,300
Purchase Returns and Allowances                 2,900
Sales Revenue                                        1,000,000
Sales Returns and Allowances                    28,000

Additional facts:
1. Merchandise inventory on November 30, 2014, is 54,600.
2. Ilhan Department Store uses a periodic system.

Instructions
Prepare an income statement through gross profi t for the year ended November 30, 2014.