Question
At the end of Ermler Department Stores fiscal year on November 30, 2014, these accounts appeared in its adjusted trial balance. Freight-In $5,060 Inventory (beginning)
At the end of Ermler Department Stores fiscal year on November 30, 2014, these accounts appeared in its adjusted trial balance.
| Freight-In | $5,060 |
| Inventory (beginning) | 41,300 |
| Purchases | 613,000 |
| Purchase Discounts | 7,000 |
| Purchase Returns and Allowances | 6,760 |
| Sales Revenue | 902,000 |
| Sales Returns and Allowances | 20,000 |
Additional facts:
| 1. | Inventory on November 30, 2014, is $36,200. |
| 2. | Note that Ermler Department Store uses a periodic system. |
Prepare an income statement through gross profit for the year ended November 30, 2014.
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Understanding Basic Statistics
Authors: Charles Henry Brase, Corrinne Pellillo Brase
6th Edition
978-1133525097, 1133525091, 1111827028, 978-1133110316, 1133110312, 978-1111827021
