6. If net sales are $400,000, cost of goods sold is $280,000, and operating expenses are $50,000, what is the gross profit? a. $120,000 b. $70,000 c. $230,000 d. $85,000 e. $350,000 7. Wesson Corporation reported the following amounts at December 31, 2017: Sales revenue $180,000, sales discounts $2,000, ending inventory $12,000, beginning inventory $20,000, purchases $60, 000, purchase discounts 4,000, purchase returns and allowances $1,000, freight-in $500, and freight-out $1,200 Using a periodic system, calculate cost of goods sold: a. $63,500 b. $75,500 c. $55,500 d. $114,500 e. $64,700