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, for example as in line e <15,000>.
	Net Sales	Beginning Inventory	Net Purchases	Ending Inventory	Cost of Goods Sold	Gross Profit	Expenses	Net Income or (Loss)
a	240,000	76,000	104,000	35,200	144,800	95,200	72,000	23,200
b	480,000	72,000	272,000	80,000	264,000	216,000	196,000	20,000
c	630,000	207,000	400,500	166,500	441,000	189,000	148,500	40,500
d	810,000	261,000	450,000	135,000	576,000	234,000	270,000	36,000
e	531,000	156,000	393,000	153,000	396,000	135,000		<15,000>