At the end of Oates Department Stores fiscal year on November 30, 2017, these accounts appeared in its adjusted trial balance.

Freight-In		$ 5,870
Inventory (beginning)		47,908
Purchases		711,080
Purchase Discounts		8,120
Purchase Returns and Allowances		7,842
Sales Revenue		1,046,320
Sales Returns and Allowances		23,200

Additional facts:

1.		Inventory on November 30, 2017, is $41,992.
2.		Note that Oates Department Store uses a periodic system.

Prepare an income statement through gross profit for the year ended November 30, 2017.

Problem 5-7A At the end of Oates Department Store's fiscal year on November 30, 2017, these accounts appeared in its adjusted trial balance. Freight-In Inventory (beginning) Purchases Purchase Discounts Purchase Returns and Allowances Sales Revenue Sales Returns and Allowances $5,870 47,908 711,080 3,120 7,842 1,046,320 23,200 Additional facts: Inventory on November 30, 2017, is $41,992 2. Note that Oates Department Store uses a periodic system Prepare an income statement through gross profit for the year ended November 30, 2017