At the end of Snyder Department Store’s fiscal year on November 30, 2012, these accounts appeared in its adjusted trial balance.

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.

Transcribed Image Text:

Freight-in Inventory (beginning) Purchases Purchase Discounts Purchase Returns and Allowances Sales Revenue Sales Returns and Allowances $ 5,060 41,300 613,000 7,000 6,760 902,000 20,000