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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 Ines represents a separate set of information. You are to fill in the missing amounts. (Enter loss amounts as a negative number.) Cost of Goods Sold Gross Profit Ending Inventory 35.200 Net Purchases 104.000 290.000 Net Income or (LOS) Expenses 72.000 Not Sales Beginning Inventory 330.000 76,000 570,000 79,000 630.000 170,000 790,000 156.000 185 200 20.000 264.000 441,000 180 000 195.000 220 000 450,000 189.000 234000 130.000 160.000 270.000 300.000 (15,000)
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