For the year ended December 31, 2020, MANCHESTER Company reported the following amounts: Inventory, 1/1/20 Inventory, 12/31/20 Purchases Purchase Discounts Freight in Purchase Returns and Allowances Sales Returns and Allowances Sales Discounts Operating Expenses 125,000 800,000 30,000 105,000 39,000 75,000 25,000 P150,000 Operating Expenses is 10% of net sales. On the other hand, gross profit is 35% of the net sales. Determine the amount of the following: 1. Gross Sales Refer to Manchester Company, determine the amount of Net Income Question 18 Refer to Manchester Company, determine the amount of Inventory 1/1/20