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, for example as in line e <15,000>.

	Net Sales	Beginning Inventory	Net Purchases	Ending Inventory	Cost of Goods Sold	Gross Profit	Expenses	Net Income or (Loss)
a.	240,000	76,000	104,000	35,200		95,200	72,000
b.	480,000	72,000	272,000		264,000			20,000
c.	630,000	207,000		166,500	441,000	189,000	148,500
d.	810,000		450,000	135,000		234,000	270,000
e.		156,000		153,000	396,000	135,000		(15,000)