At the end of Apex Department Store’s fiscal year on December 31, 2014, these and gross profit under accounts appeared in its adjusted trial balance.

periodic approach. LO6 Freight-In $ 5,600

( ) Inventory 40,500 Purchases 442,000 Purchase Discounts 12,000 Purchase Returns and Allowances 6,400 Sales Revenue 718,000 Sales Returns and Allowances 18,000 Additional facts:

1. Merchandise inventory on December 31, 2014, is $65,000.

2. Apex Department Store uses a periodic system.

Instructions Gross profit $295,300 Prepare an income statement through gross profit for the year ended December 31, 2014.