7. Calculate net sales based on gross sales of $805,000; sales returns of $5,400; and sales discounts of $15,700. 8. Calculate cost of goods sold based on $82,400 beginning inventory; $264,000 cost of goods purchased; and $94,800 ending inventory. 9. Refer to Problems 7 and 8 . Calculate gross profit. 10. Refer to Problem 9. Calculate net income based on operating expenses of $371,300