Problem

This exercise stresses the relationships between the information recorded in a periodic in...

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, as for example in line e<15,000>.

 

Net Sales

Begin ning Inventory

Net Pur chases

Ending

Inventory

Cost of Goods

Sold

Gross Profit

Expenses

Net Income or (Loss)

a.

240,000

76,000

104,000

35,200

?

95,200

72,000

?

b.

480,000

72,000

272,000

?

264,000

?

?

20,000

c.

630,000

207,000

?

166,500

441,000

189,000

148,500

?

d.

810,000

?

450,000

135,000

?

234,000

270,000

?

e.

?

156,000

?

153,000

396,000

135,000

?

<15,000>

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