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.)
net sales
beginning Inventory
net purchases
ending inventory
cost of goods sold
gross profit
expenses
net income or loss
A
320,000
76,000
104,000
35,200
175,200
72,000
B
570,000
77,000
270,000
264,000
20,000...