Perez Company had the following account balances at the end of the year: O Beginning Inventory $ 44,000 Purchases Returns and Allowances $ 5800 O Ending Inventory 42,700 O Purchases 83500 O Freight-In 3,400 O Sales Discounts 6200 General and Administrative Expenses 19,700 O Sales Returns and Allowances 7600 O Interest Revenue 2,180 O Sales 208500 O Interest Expense 960 O Selling Expenses 20500 O Purchase Discounts 5,300 Required: Compute the following: 1. Gross profit 2. Net income, given that income from operations is $77,400. Gross Profit: $0 DO Net Income