At the end of Stampfer Department Store's fiscal year on November 30, 2014, these sold and gross profit under accounts appeared in its adjusted trial balance.

periodic approach. Eeciohtein $ 7,500

(LO 6) 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. Stampfer Department Store uses a periodic system.

Instructions Gross profit $402,300 Prepare an income statement through gross profit for the year ended November 30, 2014.