At the end of Hotai Department Store, Ltd.'s fiscal year on December 31, 2017, these accounts appeared in its adjusted trial balance.
Freight-In...........................................NT$ 165,000
Inventory................................................1,215,000
Purchases..............................................13,200,000
Purchase Discounts......................................360,000
Purchase Returns and Allowances.....................192,000
Sales Revenue........................................21,540,000
Sales Returns and Allowances.........................510,000
Additional facts:
1. Merchandise inventory on December 31, 2017, is NT$1,950,000.
2. Hotai Department Store, Ltd. uses a periodic system.
Instructions
Prepare an income statement through gross profit for the year ended December 31, 2017.