96.000 302000 Inventory (as at 31 Net sales A complete physical inventory taken at 31 December, Year 2, indicates goods cos remains in stock Purchases . How were the amounts of beginning and ending inventory determined? c. Pre ompute the amount of the cost of goods sold in Year 2. account with the appropriate te a Cost of Goods Sold unt with the appropriate balance and the second to bring the Inventory acou oods re a partial income statement showing the shop's gross profit for the ye ribe account pare two closing entries at 31 December, Year 2: the first to create a Cos d. Prepa why a company such as Aberdeen Bait Shop would use a periodic rather than a perpetual inventory system. EXERCISE 6.8 This exercise stresses the relationships between the information periodic inventory system and the basic elements of an income statement. Each ofthe represents a separate set of information. You are to fill in the missing amounts. A net right-hand column is to be indicated by placing brackets around the amount, as for c e recorded in a n five lines loss in the eriodic Cost of Begin- Net Profit or Net ing Pur Ending Goods Gross Sales Inventory chases Inventory SoldPrt X 95,200 72,000 a. 240,000 76,000 104,000 35,200 b. 480,000 72,000 272,000 264,000? c. 630,000 20,000 166,500 441,000 189,000 148,500 135,000 234,000 270,000 153,000 396,000 135,000 207,000 d. 810,000 e. 2 156,000 15,000