Income Statement Calculations Stout Company has gross sales of 250% of cost of goods sold. It has also provided the following information for the calendar year 2009:

Using the available information, compute the following. (Ignore income taxes.)
Required:
1. Gross sales for 2009.
2. Net purchases and gross purchases for 2009.
3. Cost of goods sold for 2009.
4. Inventory balance at December 31, 2009.
5. Gross margin for 2009.
6. Net income for 2009.

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Inventory balance, January 1, 2009 Total cost of goods available for sale Sales returns... Purchase returns Freight in Sales (net of returns) Operating expenses $ 22,000 84,000 4,200 2,000 800 169,800 7,500