At the end of Donaldson Department Store's fiscal year on  November 30, 2022, these accounts appeared in its adjusted trial balance.

Additional facts:

1. Per a physical count, merchandise inventory on November 30, 2022, is $52,600.
2. Note that Donaldson Department Store uses a periodic system.

Instructions

Prepare an income statement through gross profit for the year ended November 30, 2022.

Transcribed Image Text:

Freight-In Inventory Purchases Purchase Discounts Purchase Returns and Allowances Sales Revenue Sales Returns and Allowances $ 7,500 40,000 585,000 6,300 2,700 1,000,000 20,000