At the end of Ilhan Department Store's fiscal year on November 30, 2017, these accounts appeared in its adjusted trial balance.

Freight-In...................................................7,500

Inventory.................................................42,000

Purchases.............................................585,000

Purchase Discounts.................................5,100

Purchase Returns and Allowances........2,900

Sales Revenue..................................1,000,000

Sales Returns and Allowances............25,000

Additional facts:

1. Merchandise inventory on November 30, 2017, is 54,600.

2. Ilhan Department Store uses a periodic system.

Instructions

Prepare an income statement through gross profit for the year ended November 30, 2017.