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.) a. b. C. d. e. Net Sales 230,000 470,000 630,000 780,000 Beginning Inventory 76,000 78,000 190,000 156,000 Net Purchases 104,000 290,000 450,000 Ending Inventory 35,200 104,000 170,000 135,000 250,000 Cost of Goods Sold 144,800 264,000 441,000 450,000 Gross Profit Expenses 85,200 206,000 189,000 234,000 130,000 72,000 150,000 260,000 Net Income or (Loss) 13,200 20,000 I (26,000) (15,000)

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.)