Determining the Missing Elements of the Income Statement The partial income statements of five different companies are as follows: Merchandising Operations | 365 SCORE: PROFESSOR: NAME: SECTION: Problem #20 1 2 4 290,000 Net Sales 160,000 Merchandise Inventory, 1/1/2018 Net Cost of Purchases Goods Available for Sale Merch. Inventory, 1/31/2018 Cost of Goods Sold a b 80,000 110,000 40,000 d 50,000 e 160,000 f 140,000 250,000 70,000 B h 30,000 230,000 400,000 120.000 390,000 m n 380,000 70,000 50,000 40,000 1 O 160,000 Gross Profit Required: Replace the lettered blanks with the appropriate amounts. Problem #21 The table below contains portions of the income statements of four different companies 2 3 4 Net Sales Beginning Inventory Net Cost of Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit 100,000 15,000 55,000 a 10,000 b d 12,000 e f 25,000 40,000 90,000 200,000 g 125,000 145,000 h 1 85,000 240,000 30,000 95,000 1 k 1 130,000 Required: Replace the lettered blanks with the appropriate amounts.