Consider the data of the following companies which use the periodic inventory system:

Requirements 

1. Supply the missing amounts in the preceding table.
2. Prepare the income statement for the year ended December 31, 2026, for Blue Company, which uses the periodic inventory system. Include a complete heading and show the full computation of cost of goods sold. Blue Company’s operating expenses for the year were $11,000.

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Company Blue $ 22,000 Net Sales Revenue $ 101,000 Beginning Merchandise Inventory Net Cost of Inventory Purchased Ending Merchandise Inventory Cost of Goods Sold Gross Profit $ 65,000 $ 17,000 $ (a) $31,000 Red (b) 25,000 95,000 (c) 96,000 40,000 Orange 93,000 (d) 52,000 22,000 62,000 (e) Yellow 86,000 12,000 (f) 5,000 (g) 49,000