Compute the net profit for a company with the following data:

Beginning inventory (cost) . . . . . . . . . . . . . . . $ 150,000 Purchases at billed cost . . . . . . . . . . . . . . . . . 330,000 Sales returns and allowances . . . . . . . . . . . . 250,000 Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000 Salaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000 Heat and light . . . . . . . . . . . . . . . . . . . . . . . . . . 180,000 Ending inventory (cost) . . . . . . . . . . . . . . . . . . 250,000 Freight cost (inbound) . . . . . . . . . . . . . . . . . . 80,000 Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300,000