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P5-5B At the end of Duckwall Department Store’s fiscal year on November 30, 2008, these accounts
appeared in its adjusted trial balance.
Freight-in $ 5,060
Merchandise Inventory 44,360
Purchases 650,000
Purchase Discounts 7,000
Purchase Returns and Allowances 3,000
Sales 900,000
Sales Returns and Allowances 20,000
Additional facts:
1. Merchandise inventory on November 30, 2008, is $36,200.
2. Note that Duckwall Department Store uses a periodic system.
Instructions
Prepare an income statement through gross profit for the year ended November 30, 2008.
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