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Periodic inventory and income statements

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. please fill in the missing amounts. a net loss in the right hand column is to be indicated by placing brackets around the amount.

net beginning net ending cost of goods gross expenses net income
sales inventory purchases inventory sold profit or loss
240,000 76,000 140,000 35,200 ? 95,200 72,000 ?
480,000 72,000 272,000 ? 264,000 ? ? 20,000
630,000 207,000 ? 166,500 441,000 189,000 148,500 ?
810,000 ? 450,000 135,000 ? 234,000 270,000 ?
? 156,000 ? 153,000 396,000 135,000 ? <15,000>

Solution Preview

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. please fill in the missing amounts. a net loss in the right hand column is to be indicated by placing brackets around the amount.

Net Sales Beginning Inventory Net Purchases Ending Inventory Cost of Gross Profit Expenses Net Income or (Loss)
Goods Sold
240,000 76,000 ...

Solution Summary

This solution is comprised of a detailed answer to fill in the missing amounts for periodic inventory income statements.

$2.19