5 pts Question 9 Baraboo Company uses the periodic inventory system. Sales for 2016 were $940,000 while operating expenses were $350,000. Beginning and ending inventories for 2016 were $140,000 and $120,000, respectively. Net purchases were $360,000 while freight in was $30,000. The net income or loss for 2016 was: $180,000 net income $20,000 net income $60,000 net income $60,000 net loss