This exercise stresses the relationships between the information recorded in a periodic inventory system and the basic elements of ant 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 300,000 470,000 630,000 830,000 Beginning Inventory 76,000 72.000 220,000 156,000 Net Purchases 104,000 280,000 450,000 Ending Inventory 35,200 170,000 135,000 160,000 Cost of Goods Sold 264,000 441,000 450,000 Gross Profit 155,200 189,000 234,000 130,000 Expenses 72,000 140,000 250,000 Net Income or (Loss) 20,000 (15,000)
This exercise stresses the relationships between the information recorded in a periodic inventory system and the basic elements of ant 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 300,000 470,000 630,000 830,000 Beginning Inventory 76,000 72.000 220,000 156,000 Net Purchases 104,000 280,000 450,000 Ending Inventory 35,200 170,000 135,000 160,000 Cost of Goods Sold 264,000 441,000 450,000 Gross Profit 155,200 189,000 234,000 130,000 Expenses 72,000 140,000 250,000 Net Income or (Loss) 20,000 (15,000)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
300,000
470,000
630,000
830,000
Beginning
Inventory
76,000
72.000
220,000
156,000
Net
Purchases
104,000
280,000
450,000
Ending
Inventory
35,200
170,000
135,000
160,000
Cost of
Goods Sold
264,000
441,000
450,000
Gross Profit Expenses
155,200
189,000
234,000
130,000
72,000
140,000
250,000
Net Income
or (Loss)
20,000
(15,000)
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