= Advanced Review Topics Question 1 of 25 (2 points) | Question Attempt: 1 of 1 Young Company had the following account balances at the end of the year: $ 40,500 $ 6000 Purchases Returns and Allowances Purchases 37,500 84300 3,200 Sales Discounts 7000 Beginning Inventory Ending Inventory Freight-In General and Administrative Expenses Interest Revenue Interest Expense Purchase Discounts 22,000 Sales Returns and Allowances 6700 2,150 Sales 214600 1,480 Selling Expenses 16800 4,900 Required: Compute the following: 1. Cost of goods purchased 2. Net income, given that income from operations is $82,500. Cost of Goods Purchased: $0 SO Net Income