Problem 5 Acrosmith Company's accounting records show the following at year-end: Purchase discounts $ 3,400; Freight-in S 6,100; Sales $ 240,000; Purchases $ 162,500; Beginning inventory $ 18,000; Ending inventory $ 20,000; Sales discounts $ 10,000; Purchase returns $ 5,200 and operating expenses $ 57,000. Compute the following amounts of Aerosmith Company: Net sales Cost of goods purchased Cost of goods sold Gross profit and Net income