E6A-3 Calculating periodic inventory amounts [1015 min] Consider the data of the following firms for the year ended 31 December 2015: Cost of sales Firm Net sales Red Yellow Orange Green $101000 (b) 93000 86000 Beginning Net inventory purchases $22000 $65 000 25 000 95 000 (d) 52000 12 000 (f) Ending inventory $17000 (c) 22000 5000 (a) 96 000 62 000 (g) Gross profit $31000 40 000 (e) 49 000 Requirements 1 Supply the missing amounts in the preceding table. 2 Prepare the income statement for Red, which uses the periodic inventory system. Include a complete heading and show the full calculation of cost of sales. Red's overhead expenses for the year were $11000