Problem 5-06A (Video)

At the end of Novak Department Stores fiscal year on November 30, 2020, these accounts appeared in its adjusted trial balance.

Freight-In		$7,700
Inventory		38,300
Purchases		569,700
Purchase Discounts		6,500
Purchase Returns and Allowances		3,000
Sales Revenue		1,042,000
Sales Returns and Allowances		19,400

Additional facts:

1.		Merchandise inventory on November 30, 2020, is $51,900.
2.		Novak Department Store uses a periodic system.

Prepare an income statement through gross profit for the year ended November 30, 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)