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Relationships within Periodic Inventory Systems This exercise stresses the relationships between the information recorded in a periodic inventory system and the basic elements of an income statement. Each of the five lines represents a separate set of information You are to fill in the missing amounts. A net loss in the right-hand column is to be indicated by placing brackets around the amount, as for example in line e . Year after year two huge supermarket chains- Publix Super Markets. Inc., and Safeway. Inc.-consistently report gross profit rates between 26 percent and 29 percent Each uses a sophisticated perpetual inventory system to account for billions of dollars in inventory transactions. Discuss reasons why these firms consistently report such similar and stable gross profit rates. What technologies make it possible for these retailing giants to use perpetual inventory systems? Golf World sold merchandise to Mulligans for $10,000, offering terms of 1/15, n/30. Mulligans paid for the merchandise within the discount period. Both companies use perpetual inventory systems. Prepare journal entries in the accounting records of Golf World to account for this sale and die subsequent collection. Assume the original cost of the merchandise to Golf World had been $6,500. Prepare journal entries in die accounting records of Mulligans to account for the purchase and subsequent payment. Mulligans records purchases of mcrclundi.sc at net cost. Assume that, because of a change in personnel, Mulligans failed to pay for thus merchandise within the discount period. Prepare the journal entry in the accounting records of Mulligans to record payment after the discount period. This selected information is from recent annual reports of the two largest retail pharmaceutical companies in the United States (Dollar amounts are slated in billions.) Fill in the missing amounts and percentages, (Round all amounts to one decimal place.)