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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 $ 4,460 Inventory
At the end of Sunland Department Store's fiscal year on November 30, 2022, these accounts appeared in its adjusted trial balance. Freight-In $ 4,460 Inventory (beginning) 40,700 Purchases 607,000 Purchase Discounts 6,400 Purchase Returns and Allowances 6,160 Sales Revenue 896,000 Sales Returns and Allowances 19,400 Additional facts: 1. Inventory on November 30, 2022, is $35,600. 2. Note that Sunland Department Store uses a periodic system. Prepare an income statement through gross profit for the year ended November 30, 2022. 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 Retained Earnings, December 1, 2021 Purchases Less Purchase Returns and Allowances $ Purchase Discounts 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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