3-On December 1, 2020. ABC Corporation had merchandise inventory of $60,000, At December 31, 2020, ANC had the following account balances Freight in $6,000 Operating Expenses 100,000 Purchases .600,000 Purchase discounts 7,000 Purchase returns and allowances 3.000 Sales... .900,000 Sales discounts. 5,000 Sales returns and allowances...........12,000 At December 31, 2020, ABC determines that its ending inventory is $50,000 Instructions: (a) Compute ABC'S 2020 Net purchases. (b) Compute ABC'S 2020 Net sales (c) Compute ABC'S 2020 COGS. (d) Compute ABC'S 2020 Net Income