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Compute how much is net income

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Problem 1: Alpha Company provided the following data concerning its income statement: sales, $1,020,000; purchases, $377,000; beginning inventory, $200,000; ending inventory, $232,000; operating expenses, $102,000; freight-in, $5,000; sales discounts, $23,000; purchases discounts, $15,000; sales returns & allowances, $140,000; and purchases returns & allowances, $47,000. The data are finished and provide the basis for preparation of an income statement. How much is net income?

Reference no: EM132485765

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