Jackson Company had the following account balances at the end of the year: $ 40,700 Purchases Returns and Allowances $3200 Beginning Inventory 87200 39,700 Ending Inventory Purchases 3,700 7600 Freight-In Sales Discounts General and Administrative 22,800 6300 Sales Returns and Allowances Expenses 1,450 214200 Interest Revenue Sales 1,360 23900 Interest Expense Selling Expenses 4,400 Purchase Discounts Required: Compute the following: 1. Cost of goods sold 2. Income from operations, given that gross profit is $116,000 83,300 Cost of Goods Sold: 93,290 Income from Operations: ? X