Task: Relationships within Periodic Inventory Systems
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. A net loss in the right-hand column is to be indicated by placing brackets around the amount, as for example in line e <15,000>.
|
|
Net Sales
|
Beginning Inventory
|
Net Purchases
|
Ending Inventory
|
Cost of Goods Sold
|
Gross Profit
|
Expenses
|
Net Income or (Loss)
|
|
a.
|
240,000
|
76,000
|
104,000
|
35,200
|
?
|
95,200
|
72,000
|
?
|
|
b.
|
480,000
|
72,000
|
272,000
|
?
|
264,000
|
?
|
?
|
20,000
|
|
c.
|
630,000
|
207,000
|
?
|
166,500
|
441,000
|
189,000
|
148,500
|
?
|
|
d.
|
810,000
|
?
|
450,000
|
135,000
|
?
|
234,000
|
270,000
|
?
|
|
e.
|
?
|
156,000
|
?
|
153,000
|
396,000
|
135,000
|
?
|
<15,000>
|