Excercise 5-17,5-21

5-16 Working Backward: Inventory Turnover ise Exerc kes Bradley Retailers 90 days on average to sell its inventory. The company began the year th $17,000 in inventory. Sales and cost of goods sold for the year amounted to $95,000 and LO10 $60,000, respectively Required ing 360 days in a year, determine the amount of Bradley's ending inventory Exercise 5-17 Statement of Cash Flows From the following list, identify whether the change in the account balance during the year is added to (A) or deducted from (D) net income when the indirect method is used to determine cash flows from operating activities. Impact of Transactions Involving Inventories on 5 LO11 Increase in accounts payable Decrease in accounts payable Increase in inventories Decrease in inventories Operating expenses Income before tax Income tax expense Net income $ 26,300 10,300 $ (e) LO2.3 Exercise 5-21 Partial Income Statement-Periodic System LaPine Company has the following account balances as of December 31, 2017: $ 4,000 78,300 1,000 3,800 28,800 Inventory, January 1 Net sales Transportation-in Inventory, December 31 Net purchases Required Prepare a partial income statement for LaPine Company for 2017 through gross profit. Calculate LaPine's gross profit ratio for 2017