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Prepare an income statement through gross profit

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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.

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

Reference no: EM132083322

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