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Compute how much is net income

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Question - Alpha Company provided the following data concerning its income statement: sales, $880,000; purchases, $491,000; beginning inventory, $240,000; ending inventory, $292,000; operating expenses, $93,000; freight-in, $5,000; sales discounts, $25,000; purchases discounts, $15,000; sales returns & allowances, $101,000; and purchases returns & allowances, $41,000. The data are complete and provide the basis for preparation of an income statement. Compute how much is net income?

Reference no: EM132485264

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