Taylor Company uses a periodic inventory system. The following is partial information from its income statements for 2016 and 2017:

	2016	2017
Beginning inventory	$ (b)	$ (d)
Sales	220,000	(f)
Purchases	118,000	140,000
Purchase returns	2,000	3,000
Ending inventory	48,000	74,000
Gross profit	(a)	77,000
Cost of goods sold	106,000	(e)
Expenses	65,000	62,000
Net income	(c)	15,000

Required

Fill in the blanks lettered a through f. (Hint: It probably is easiest to work through the blanks according to the sequential letters.)

(a) Gross profit	$
(b) Beginning inventory	$
(c) Net income	$
(d) Beginning inventory of 2017	$
(e) Cost of goods sold	$
(f) Sales	$