Reference no: EM132462446
Alpha Company provided the following data concerning its income statement:
sales, $870,000;
purchases, $485,000;
beginning inventory, $200,000;
ending inventory, $242,000;
operating expenses, $111,000;
freight-in, $5,000;
sales discounts, $15,000;
purchases discounts, $15,000;
sales returns & allowances, $113,000; and
purchases returns & allowances, $38,000.
Question 1: The data are complete nd provide the basis for preparation of an income statement. How much is net income?
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