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Question - Alpha Company provided the following data concerning its income statement: sales, $1,000,000; purchases, $470,000; beginning inventory, $270,000; ending inventory, $242,000; operating expenses, $93,000; freight-in, $5,000; sales discounts, $19,000; purchases discounts, $15,000; sales returns & allowances, $140,000; and purchases returns & allowances, $44,000. The data are complete and provide the basis for preparation of an income statement. Calculate how much is net income?
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