Inventory 43,000 Selling expenses 35,000 Purchases 1000,000 Sales 325,000 General and administrative expenses 28,500 Purchases returns 3,500 Interest expense 4,000 Sales discounts taken 2,000 Gain on sale of property (pretax) 7,000 Freight-in 5,000 Additional data: 1. A physical count reveals an ending-inventory of $22,500 on December 31. 2. Twenty-five thousand shares of common stock have been outstanding the entire year. 3. The income tax rate is 30% on all items of income