At the end of Oates Department Store\'s fnscal ycar on Navember 30, 2017, thesc
ID: 2337277 • Letter: A
Question
At the end of Oates Department Store's fnscal ycar on Navember 30, 2017, thesc accounts appcared in its adjusted trial balance. s adjusted Frcight In Inventory lbeginning) Purrhases Purrhase Discounts Purrhase Retuurns andAllowaricees Sales Revenue Sales Relurns andAllowances $6,477 52,864 84,640 8,960 8,653 1,154,560 25.600 Additional facts: Inventory on November 30, 2017, is $46,336. Note thatOates Department Store uses a periodic system 2. Preparc an income statement through gross p roft for the ycar cnded November 30,2017 OATES DEPARTMENT STORE Income Statement (Partial)Explanation / Answer
income statement
sales revenue
1154560
less sales return and allowance
25600
net sales revenue
1128960
less cost of goods sold
780032
Inventory beginning
52864
add net purchases
773504
less closing inventory
46336
gross profit
348928
cost of purchase
total purchases
784640
add freight in
6477
less purchase discount
8960
less purchase return and allowance
8653
net purchase
773504
income statement
sales revenue
1154560
less sales return and allowance
25600
net sales revenue
1128960
less cost of goods sold
780032
Inventory beginning
52864
add net purchases
773504
less closing inventory
46336
gross profit
348928
cost of purchase
total purchases
784640
add freight in
6477
less purchase discount
8960
less purchase return and allowance
8653
net purchase
773504
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