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San Diego State University Operations And Supply Chain Management Assignment Help - Inventory

Question - At the end of Cortez Department Store’s fiscal year on November 30, 2012, these accounts appeared in its adjusted trial balance. Freight-in $ 7,500 Inventory 40,000 Purchases 585,000 Purchase Discounts 6,300 Purchase Returns and Allowances 2,700 Sales Revenue 1,000,000 Sales Returns and Allowances 20,000 Additional facts: 1. Merchandise inventory on November 30, 2012, is $52,600. 2. Cortez Department Store uses a periodic system. Instructions Prepare an income statement through gross profit for the year ended November 30, 2012.

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