Exercise 3. Relationships within Periodic Inventory Systems This exercise stresses the relationships between the information recorded in a periodic inventory system and the basic elements of an income statement. Each of the five lines represents a separate set of information. You are to fill in the missing amounts. A net loss in the right-hand column is to be indicated by placing brackets around the amount, as for example in line e) (15,000). Net Sales Begining Inventory Net Purchases Ending Inventory Cost of Goods Sold Net Income Gross Profit Expenses or (Loss) $240,000 $76,000 $104,000 $35,200 ? $480,000 $72,000 $272,000 ? $264,000 $630,000 $207,000 ? $166,500 $441,000 $95,200 ? $189,000 $72,000 ? ? $20,000 $148,500 ? $810,000 ? $450,000 $135,000 ? $234,000 $270,000 ? ? $156,000 ? $153,000 $396,000 $135,000 ? -$15,000