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

Freight-In$5,161Inventory (beginning)42,126Purchases625,260Purchase Discounts7,140Purchase Returns and Allowances6,895Sales Revenue920,040Sales Returns and Allowances20,400

Additional facts:

1.Inventory on November 30, 2017, is $36,924.2.Note that Oates Department Store uses a periodic system.

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