Question

At the end of Ermler Department Store’s fiscal year on November 30, 2014, 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, 2014, is $36,200.
2. Note that Ermler Department Store uses a periodic system.

Instructions
Prepare an income statement through gross profit for the year ended November 30, 2014.



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  • CreatedApril 07, 2014
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