Problem: 3 The income statement of Wilcox, Inc. includes the items listed below: Net sales $900,000 Gross profit 320,000 Beginning inventory 80,000 Purchase discounts 15,000 Purchase returns and allowances 8,000 Freight-in 10,000 Operating expenses 300,000 Purchases 540,000 Instructions: Use the appropriate items listed above as a basis for determining: (a) Cost of goods sold. (b) Cost of goods available for sale. (c) Ending inventory