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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

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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. (Input all amounts as positive values except "Net loss" which should be indicated with a minus sign. Omit the "S" sign in your response.) Beginning Cost of Goods Net Sales Inventory Net Purchases Ending Inventory Sold Gross Profit 240,000 76,000 104,000 35,200 95,200 b. 480,000 72,000 272,000 264,000 630,000 207,000 166,500 441,000 189,000 d. 810,000 450,000 135,000 234,000 156,000 153,000 396,000 135,000 Profit or (Loss) Expenses 72,000 a. 20,000 c. 148,500 270,000 e. (15,000)

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