ADVANCED REVIEW TOPICS Income statement with periodic inventory: Problem type 3 $ 3100 Purchases Returns and Allowances Beginning Inventory $ 36,100 73900 Ending Inventory O Purchases 40,600 7500 3,200 Sales Discounts 5900 Freight-in General and Administrative Expenses Interest Revenue 19,200 Sales Returns and Allowances 207300 1,410 Sales 27600 Interest Expense 1,250 Selling Expenses 4,200 Purchase Discounts Required: Compute the following: 1. Net sales 2. Income from operations, given that gross profit is $128,600. Net Sales: $ 193,900 SI Income from Operations: $ P Explanation Check