Abby Jay is having a difficult time understanding the relationships among sales, cost of goods sold, gross profit, and net income for a merchandising company. As the accounting lab tutor, you have been asked to sit down with Abby and explain how to calculate the missing amounts in each situation listed below. Keep in mind that each situation is a distinct and separate business problem.

Beginning Ending Cost of Gross Net Income Sales Inventory Purchases Inventory Goods Sold Profit Expense or Loss Sit. 1 Sit. 2 Sit. 3 Sit. 4 Sit. 5 Sit. 6 Sit. 7 Sit. 8 260,000 320,000 200,000 160,000 380,000 140,000 480,000 200,000 80,000 100,000 220,000 140,000 160,000 140,000 100,000 180,000 200,000 160,000 80,000 80,000 160,000 280,000 140,000 440,000 160,000 260,000 280,000 120,000 240,000 140,000 160,000 160,000 200,000 120,000 200,000 140,000 160,000 160,000 40,000 20,000 40,000 320,000 14-000 160000 160 000 1000