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ACCT 201 FINAL EXAM WINTER 2021 Q Search Sheet '+ Share Home Insert Draw Page Layout Formulas Data Review View B8 X V fx Crain Company began the year with an inventory balance of $34,000. D G H I J K L M N O P Q R A B inventory balance of $34,000. During the year, the company made inventory purchases of $160,000. 10 Crain's sales for the year amounted to $350,000 and operating expenses were $95,000. 11 A physical inventory was taken on 12/31, and the inventory amount was $42,000. 12 Fill in the following periodic income statement. 13 14 Crain Company 15 Income Statement 16 For the Year Ended 12/31/2017 17 18 SALES 19 BEGINNING INVENTORY 20 PURCHASES 21 COST OF GOODS AVAILABLE 22 ENDING INVENTORY 23 COST OF GOODS SOLD 24 GROSS PROFIT 25 OPERATING EXPENSES 26 NET INCOME 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 4. INT. CONTROL 5. FIN STMTS 6. INTEREST CALCS 7. MULTIPLE CHOICE 8. YOUR THOUGHTS + 1. PERIODIC IS 2. FIFO-T 3. BANK RECON + 100% Edit