The following is a portion of the condensed income statement for Rowan, Incorporated, a manufacturer of plastic containers:

Net sales

Less: Cost of goods sold:

Inventory, January $1$

Net purchases

Inventory, December $31$

Gross profit

$$3,860,000$

$\backslash$table$[[$$$770,000,],[3,300,000,],[(760,000),3,310,000$