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 240,000 570,000 630,000 780,000 Beginning Inventory 76,000 72,000 160,000 156,000 Net Purchases 104,000 270,000 450,000 Ending Inventory 35,200 190,000 135,000 230,000 Cost of Goods Sold Gross Profit Expenses 95,200 264,000 441,000 350,000 189,000 234,000 140,000 72,000 140,000 260,000 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 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 240,000 570,000 630,000 780,000 Beginning Inventory 76,000 72,000 160,000 156,000 Net Purchases 104,000 270,000 450,000 Ending Inventory 35,200 190,000 135,000 230,000 Cost of Goods Sold Gross Profit Expenses 95,200 264,000 441,000 350,000 189,000 234,000 140,000 72,000 140,000 260,000 Net Income or (Loss) 20,000 (15,000)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vishnu
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
240,000
570,000
630,000
780,000
Beginning
Net
Inventory Purchases
76,000
72,000
160,000
156,000
104,000
270,000
450,000
Ending
Inventory
35,200
190,000
135,000
230,000
Cost of
Goods Sold
264,000
441,000
350,000
Gross Profit
95,200
189,000
234,000
140,000
Expenses
72,000
140,000
260,000
Net Income
or (Loss)
20,000
(15,000)
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