1.	Supply the missing amounts in the preceding table.
2.	Prepare the income statement for the year ended December 31,2017, for Banana Company, which uses the periodic inventory system. Include a complete heading, and show the full computation of cost of goods sold. Banana's operating expenses for the year were $8,000.

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Beginning Ending Net Sales Merchandise Net Cost of Merchandise Cost of Gross Company Revenue Inventory Purchases Inventory Goods Sold Profit Banana $ 101,000 S 21,000 S 63,000 S 19,000 (a) $ 36,000 Cherry (b) 24,000 97,000 (c) 95,000 47,000 Apple 90,000 (d) 54,000 21,000 67,000 (e) Pear 79,000 12,000 (f) 5,000 (g) 45,000 Beginning Ending Net Sales Merchandise Net Cost of Merchandise Cost of Gross Company Revenue Inventory Purchases Inventory Goods Sold Profit Banana $ 101,000 S 21,000 S 63,000 S 19,000 (a) $ 36,000 Cherry (b) 24,000 97,000 (c) 95,000 47,000 Apple 90,000 (d) 54,000 21,000 67,000 (e) Pear 79,000 12,000 (f) 5,000 (g) 45,000

Answer rating: 100% (QA)

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