5. Determine the missing amounts assuming that this company uses the periodic inventory system.

	2014	2015	2016
Sales	$290,000	$ ?	$410,000
Sales returns & allowances	11,000	13,000	?
Net sales	?	347,000	?
Beginning inventory	20,000	32,000	?
Ending inventory	?	?	?
Purchases	?	260,000	298,000
Purchase returns & allowances	5,000	8,000	10,000
Freight-in	8,000	9,000	12,000
Cost of goods sold	233,000	?	293,000
Gross profit	46,000	91,000	97,000

6. International Paper adopted the dollar-value LIFO method on January 1, 2015. Its inventory on January 1, 2015 was $160,000. On December 31, 2015, the inventory at prices existing on that date amounted to $140,000. The price level at January 1, 2015 was 100 and the price level at December 31, 2015 was 112.

Flip Corp.'s checkbook balance on December 31, year 2, was $5,000. In addition, Flip held the following items in its safe on that date:

Check payable to Flip Corp., dated January 2, year 3, in payment of a sale made in December year 2, not included in December 31 checkbook balance	$2,000
Check payable to Flip Corp., deposited December 15 and included in December 31 checkbook balance, but returned by bank on December 30stamped "NSF." The check was re-deposited on January 2, year 3, and cleared on January 9	500
Check drawn on Flip Corp.'s account, payable to a vendor, dated and recordedin Flip's books on December 31 but not mailed until January 10, year 3	300

The proper amount to be shown as Cash on Flip's balance sheet at December 31, year 2, is:

Question options:

	$5,300
	$4,800
	$6,800
	$6,500