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

Additional facts: 

1. Inventory on November 30, 2022, 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, 2022.

Transcribed Image Text:

$ 5,060 41,300 613,000 Freight-In Inventory (beginning) Purchases Purchase Discounts Purchase Returns and Allowances Sales Revenue Sales Returns and Allowances 7,000 6,760 902,000 20,000