Alpha Company provided the following data concerning its income statement: sales, $875,000; purchases, $362,000; beginning inventory, $245,000; ending inventory, $232,000; operating expenses, $108,000;
Alpha Company provided the following data concerning its income statement: sales, $875,000; purchases,
$362,000; beginning inventory, $245,000; ending inventory, $232,000; operating expenses, $108,000; freight-in, $5,000; sales discounts, $25,000; purchases discounts, $15,000; sales returns & allowances, $110,000; and purchases returns & allowances, $38,000. The data is complete a provides the basis for preparation of an income statement. How much is net income?
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