Question Seven: Calculate (a) net sales, (b) cost of goods sold, (c) gross profit, and (d) net income from the following: (Show your workings.) Sales Sales Discount $2,200 Merchandise Inventory $65 50 Cost of Goods Sold 1,320 Operating Expenses 360 Sales Returns and Allowances 25 b. C d. net sales cost of goods sold gross profit net income