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.)

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.) ventory Goods Sold Gross Profit Expenses Net Income or (Loss) Ending Beginning Inventory Purchases In Net Cost of Net Sales 230,000 570,000 630,000 790,000 76,000 75,000 170,000 104,000 35,200 85,200 72,000 300,000 264,000 441,000 20,000 170,000 135,000 190,000 189,000 234,000 130,000 C. 150,000 450,000 280,000 156,000 400,000 (15,000)