At the end of Oates Department Stores fiscal year on November 30, 2017, these accounts appeared in.. 1 answer below »

At the end of Oates Department Stores fiscal year on November 30, 2017, these accounts appeared in its adjusted trial balance. Freight-In …………………………………………… $ 5,060 Inventory (beginning) ………………………………. 41,300 Purchases …………………………………………… 613,000 Purchase Discounts …………………………………. 7,000 Purchase Returns and Allowances ………………….. 6,760 Sales Revenue ………………………………………. 902,000 Sales Returns and Allowances ……………………… 20,000 Additional facts: 1. Inventory on November 30, 2017, 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, 2017.

 

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