1. A company using the periodic inventory system has inventory costing $169 on hand at the beginning of a period. During the period, merchandise costing $522 is purchased. At year-end, inventory costing $351 is on hand. The cost of goods sold for the year is

2. Complete the following data taken from the condensed income statements for merchandising Companies X, Y, and Z. Enter net loss with a minus sign.

	Company X	Company Y	Company Z
Net income/(net loss)	$250	$fill in the blank 1	$(50)
Sales	fill in the blank 2	1,250	930
Gross profit	425	fill in the blank 3	495
Operating expenses	fill in the blank 4	550	fill in the blank 5
Cost of goods sold	390	720	fill in the blank 6