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. (Enter loss amounts as a negative number.) Beginning Not Sales Inventory Not Purchases Ending Inventory Cost of Goods Sold Gross Profit Expenses Net Income or (Loss) a. 280,000 76,000 104,000 35,200 144,800 135,200 72,000 63,200 b. 570,000 73,000 290,000 264,000 306,000 286,000 20,000 P 630,000 160,000 180,000 441,000 189,000 150,000 39,000 d. 810,000 450,000 135,000 234,000 260,000 e. 156,000 190,000 400,000 120,000 135,000 (15,000) Prev 1 of 3 Next >