Part III. Applications (20 MARKS) Direction: Answer the following questions. For each answer you MUST show your work. 1. Using the following information Sales $400,000 Beginning inventory 50,000 Net purchases 15,000 Ending inventory Operating expenses 5% of beginning inventory 20,000 Find Total cost of goods available for sale, Gross profit, and Net income. (9 marks) Marking Scheme: Correct computation& final answer = 3marks each