Practice problems for an upcoming test on lifo, fifo and other inventory methods

Periodic System, Using Knowledge of Financial Statement Relations to Compute Missing Accounts The following information relates to Payleast Shoes Company. Assuming the company uses the periodic inventory system, solve for the missing amounts a through m for years 2020 through 2022. Do not use negative signs in your answers. Round gross profit percentage to the nearest whole percentage point. 2021 $154,000 2022 $182,000 Net sales 2020 $126,000 16,800 98,000 8,400 5,600 4,200 115,500 7,000 138,600 12,320 2,660 3,500 f. 14,000 Beginning inventory Purchases (gross) Purchase returns and allowances Purchase discounts Freight-in Cost of goods available for sale Ending inventory Cost of sales Gross profit Gross profit percentage 130,900 k. 21,000 g. 36,400 105,700 . 55,580 % i. % m