P5.7A (LO 4,5), AP At the end of Oates Department Store's fiscal year on November 30, 2022, these accounts appeared in its adjusted trial balance. Determine cost of goods sold and gross profit under a periodic system. Freight-In $ 5,060 Inventory (beginning) 41,300 Purchases 613,000 Purchase Discounts 7.000 Purchase Returns and Allowances 6,760 Sales Revenue 909,000 Sales Returns and Allowances 20,000 Additional facts: 1. Inventory on November 30, 2022, is $36,200. 2. Note that Oates Department Store uses a periodic system. Instructions Prepare an income statement through gross profit for the year ended November 30, 2022 Gross profit $272,600