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Exercise $6\mathrm{.}8($Algo$)$ Relationships in a Merchandising Company's Income Statement $($LO$6-4)$

$10$

points

This exercise stresses the relationships among the basic elements of a merchandising company's income statement. Each of the five lines represents a separate set of information. You are to fill in the missing amounts.

Note: Enter loss amounts as a negative number.

Net Sales Beginning Inventory

Net Purchases Ending Inventory Cost of Goods Sold Gross Profit Expenses Net Income or $($Loss$)$

a$.$ $ $320,000$ $ $76,000$ $ $104,000$ $ $35,200$ $ $175,200$ $ $72,000$

b$.$ $ $470,000$ $ $77,000$ $ $270,000$ $ $264,000$ $ $20,000$

c$.$ $ $630,000210,000$ $ $180,000$ $ $441,000$ $ $189,000$ $ $150,000$

d$.$ $ $790,000$ $ $450,000$ $ $135,000$ $ $360,000$ $ $234,000$ $ $280,000$

e$.156,000$ $ $180,000$ $ $300,000$ $ $130,000$ $ $285,000$ $ $(15,000)$