The following data relate to McNair Manufacturing's third year of operations. Cash Sales (cash received at time of sale) $100,000 Credit Sales (cash to be collected later) Cost of all inventory actually sold Purchases of inventory on credit 110,000 90,000 Cash collections from credit customers 150,000 95,000 Cash payments for purchases of inventory Selling expenses incurred (accrual basis) 90,000 25,000 Required: 2. Calculate cash basis income (net operating cash flow) and accrual basis income. Cash Basis Income Statement Accrual Basis Income Statement Operating Income (net op. cash flow) 160K Operating Income 95K