Nelson Company had the following account balances at the end of the year: $ 36,700 Beginning Inventory $ 4100 Purchases Returns and Allowances O 39,700 O Ending Inventory 80000 Purchases 3,400 Sales Discounts 5300 15,400 Sales Returns and Allowances 8300 Freight-In General and Administrative Expenses Interest Revenue Interest Expense Purchase Discounts 1,380 Sales 195300 1,040 Selling Expenses 17200 3,200 Required: Compute the following: 1. Gross profit 2. Net income, given that income from operations is $76,000. Gross Profit $0 Net Income: Check 2020 MCGrow