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Periodic inventory income statement

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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>.

See attached chart.

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We can solve this problem by using the following steps in income statement shown below.
Then, we replace the number into each place in bold. We will calculate the missing amount by working backward on the equation of adding and ...

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