This exercise stresses the relationships between the information recorded in a p

Question

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 Ending Cost of Beginning Inventory Purchases Inventory Goods Sold Net Income or (Loss) Net Sales Gross Profit Expenses 76,000 71,000 200,000 72,000 270,000 470,000 630,000 800,000 104,000 35,200 125,200 290,000 264,000 20,000 190,000 135,000 160,000 189,000 234,000 140,000 441,000 140,000 450,000 280,000 156,000 350,000 (15,000)

Explanation / Answer

Beginning inventory+Net purchases-Ending Beginning inventory=COGS

Sales-COGS=Gross profit

Gross profit-Expenses=Net income

Net sales Beginning Beginning inventory Purchases Ending inventory COGS Gross profit Expenses Net income 270,000 76000 104000 35200 144800 125200 72000 53200 470,000 71000 290,000 97000 264000 206000 186000 20000 630,000 200,000 431000 190,000 441000 189000 140000 49000 800,000 251000 450000 135000 566000 234000 280,000 (46000) 490,000 156000 354000 160,000 350,000 140000 155000 (15000)

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