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. (Input all amounts as positive values except net loss which should be indicated with a minus sign. Omit the "$" sign in your response.)

Net Sales Beginning Inventory Net
Purchases Ending
Inventory Cost of
Goods Sold Gross Profit Expenses Net Income
or (Loss)
a. 300,000 76,000 104,000 35,200 155,200 72,000
b. 470,000 74,000 300,000 264,000 20,000
c. 630,000 190,000 170,000 441,000 189,000 140,000
d. 830,000 450,000 135,000 234,000 280,000
e. 156,000 250,000 350,000 130,000 (15,000)

Analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. from prior years' experience, waymire estimates that 2% of units sold each period will require repair at an average cost of $100 per unit. during the current period, waymire sold 69,000 units and repaired 1,000 units. (a) how much warranty expense must waymire report in its current period income statement? (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? (hint: remember that some units were repaired in the current period.) (c) what analysis issues must we consider with respect to reported warranty liabilities?

Adecision is made at the margin when each alternative considers

In a market economy, supply and demand are important because theya. (i) play a critical role in the allocation of the economy's scarce resources.b. (ii) determine how much of each good gets produced.c. (iii) can be used to predict the impact on the economy of various events and policies.d. all of (i), (ii), and (iii) are correct.