PROBLEM 2 (18 pts.) a. Sales -(X+X) = Net sales b. Purchases - (X + X) = Net purchases > c. Net purchases + X=Cost of merchandise purchased d. Merchandise inventory (beginning) + cost of merchandise purchased = X ye. Merchandise available for sales - X=Cost of merchandise sold f. Net sales - Cost of merchandise sold = X g. X+X= Operating expenses h. Gross profit - operating expenses = X i. Income from operations + X - X= Net income. --(2pts.)