ADVANCED REVIEW TOPICS III Income statement with periodic inventory: Problem type 3 Perry CV ny had the following account balances at the end of the year: $ 39,200 Beginning Inventory Purchases Returns and Allowances $ 4900 84300 O Ending Inventory 42,800 Purchases 8700 2,800 Sales Discounts Freight-In General and Administrative Expenses 19,400 O Sales Returns and Allowances 8400 1,880 Interest Revenue 218900 Sales 1,620 Interest Expense 22700 Selling Expenses Purchase Discounts 4,100 Required: Compute the following: 1. Gross profit 2. Net income, given that income from operations is $85,200. Gross Profit: sli Net Income: Explanation Check