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.) a. b. C. d. e. Net Sales 300,000 470,000 630,000 830,000 Beginning Inventory 76,000 72,000 ,220,000 156,000 Net Purchases 104,000 280,000 450,000 Ending Inventory 35,200 170,000 135,000 180,000 Cost of Goods Sold 264,000 441,000 450,000 Gross Profit 155,200 189,000 234,000 130,000 Expenses 72,000 140,000 250,000 Net Income or (Loss) 20,000 (15,000)

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.)