1.

Davis Company had the following account balances at the end of the year: O Beginning Inventory $ 36,300 Purchases Returns and Allowances $ 3400 0 Ending Inventory 41,900 O Purchases 76300 O Freight-In 2,800 O Sales Discounts 9100 General and Administrative Expenses 21,700 Sales Returns and Allowances 6300 O Interest Revenue 2,230 O Sales 187600 O Interest Expense 950 O Selling Expenses 26500 O Purchase Discounts 4,400 Required: Compute the following: 1. Cost of goods sold 2. Net income, given that income from operations is $58,300. Cost of Goods Sold: $ $ 0 Net Income