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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

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. (Enter loss amounts as a negative number.)Net SalesBeginning InventoryNetPurchasesEndingInventoryCost ofGoods SoldGross ProfitExpensesProfit or (Loss)a.330,00076,000104,00035,200185,20072,000570,00073,000290,000264,00020,000.630,000190,000190,000441,000189,000150,000790,000450,000135,000234,000270,000e.156,000290,000450,000120,000(15,000)
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