Consider the data of the following companies:

Requirements
1. Supply the missing amounts in the preceding table.
2. Prepare the income statement for the year ended December 31, 2017, for Ash Company, which uses the periodic inventory system. Include a complete heading, and show the full computation of cost of goods sold. Ash€™s operating expenses for the year were $11,000.

Transcribed Image Text:

Beginning Ending Net Sales Merchandise Net Cost of Merchandise Cost of Goods Sold Company Ash Elm Purchases $ 64,000 90,000 57,000 Gross Profit 38,000 42,000 Revenue Inventory $20,000 25,000 Inventory $ 103,000 19,000 94,000 64,000 ir 95,000 23,000 Oak 83,000 12,000 8,000 47,000