Fill in the blanks numbered 1 through 6. (Hint: It probably is easiest to work through the blanks…

Income Statement Calculations – The Ferdon Company uses a periodic inventory system. The following is partial information from its income statements for 2007 and 2008:

2007

2008

Beginning inventory

($2)

($4)

Sales

220,000

6

Purchases

118,000

140,000

Purchases returns

2,000

3,000

Ending inventory

48,000

74,000

Sales returns

1,000

3,000

Gross profit

1

77,000

Cost of goods sold

106,000

5

Expenses

65,000

62,000

Net income

3

15,000

Required

Fill in the blanks numbered 1 through 6. (Hint: It probably is easiest to work through the blanks according to the sequential numbers.)

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