Problem 5-7A At the end of Oates Department Store's fiscal year on November 30, 2017, these accounts appeared in its adjusted trial balance. 5 Freight-In Inventory (beginning) $5,465 44,604 Purchases Purchase Discounts Purchase Returns and Allowances Sales Revenue Sales Returns and Allowances 662,040 7,560 7,301 974,160 21,600 Additional facts: Inventory on November 30, 2017, is $39,096. Note that Oates Department Store uses a periodic system. 1. 2. Prepare an income statement through gross profit for the year ended November 30, 2017. OATES DEPARTMENT STORE Income Statement (Partial) For the Year Ended November 30, 2017 Sales 974160 Sales Revenue 21600 Sales Returns and Allowances Less 952560 Net Sales Cost of Goor Sold Gross Profit