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Problem Gordman Department Store’s

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P5-5A At the end of Gordman Department Store’s fiscal year on December 31, 2008, these
accounts appeared in its adjusted trial balance.
Freight-in $5,600
Merchandise Inventory 40,500
Purchases 447,000
Purchase Discounts 12,000
Purchase Returns and Allowances 6,400
Sales 718,000
Sales Returns and Allowances 8,000
Additional facts:

1. Merchandise inventory on December 31, 2008, is $75,000.

2. Note that Gordman Department Store uses a periodic system.

Instructions
Prepare an income statement through gross profit for the year ended December 31, 2008.

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