At the beginning of the current season on November 1, the ledger of Winona Sports showed Cash $3,300 Inventory $4,700, and Common Stock $3,000. The following transactions occurred during November 2014 Nov. S Purchased hockey sticks and pucks on account from Hi-Stick Co. $1,600, terms 2/10, 1/60 7 Paid freight on Hi-Stick Co purchases $90. 9 Received credit from Hi-Suck Co. for merchandise returned $350. 10 Sold merchandise on account for $1,000, terms 30 12 Purchased gloves, socks, and other accessories on account from Twin City Sportswear $945, terms 1/10, 1/30 14 Pald HiStick Co. In uit 17 Received credit from Twin City Sportswear for merchandise returned 545 20 Made sales on account for $1,330, terms/30 21 Pald Twin City Sportswear in full 27 Granted credit to customers for clothing that did not it properly $150. 30 Received payments on account for $1,900 WINONA SPORTS Trial Balance November 30, 2014 Debit Credit Cash 3,075 $ Inventory 4,700 Common Stock 8,000 Purchase Returns and Allowances 395 Accounts Receivable Purchases 2,545 Accounts Payable Freight-In 90 Sales Returns and Allowances 430 Sales Revenue 2,330 10,840 10,840 Prepare an income statement through gross profit, assuming inventory on hand at November 30 is $5,196, WINONA SPORTS Income Statement (Partial) November 30, 2014 Sales Revenue 2,330 Less Sales Returns and Allowances 430 Net Sales 1,900 Cost of Goods Sold