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Question 7 Your answer is partially correct. Try again 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 8,120 7,842 1,046,320 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