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At the end of Sunland Department Store's fiscal year on November 30, 2022, these accounts appeared in its adjusted trial balance. Freight-In Inventory (beginning) Purchases
At the end of Sunland Department Store's fiscal year on November 30, 2022, 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 $5,660 41,900 619,000 7.600 7,360 908,000 20,600 Additional facts: 1. Inventory on November 30, 2022, is $36,800. 2. Note that Sunland Department Store uses a periodic system. Prepare an income statement through gross profit for the year ended November 30, 2022. SUNLAND DEPARTMENT STORE Income Statement (Partial) For the Year Ended November 30, 2022 Sales Sales Revenue Less : Sales Returns and Allowances Net Sales Cost of Goods Sold Inventory, December 1, 2021 Purchases Sales Sales Revenue $ Less : Sales Returns and Allowances Net Sales Cost of Goods Sold Inventory, December 1, 2021 Purchases $ Less : Purchase Returns and Allowances Purchase Discounts Net Purchases Add : Freight-In Cost of Goods Purchased Cost of Goods Available for Sale Less : Inventory, November 30, 2022 Cost of Goods Sold Gross Profit
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