Use the following information to answer the question below. Sales 300,000 Sales Returns and allowances 10,000 Purchases 68,000 Purchases Returns and Allowances 8,000 Freight ln 12,000 Selling Expenses 30.000 General and Administrative Expenses 110,000 In addition, beginning merchandise inventory was $22,000 and ending merchandise inventory was $14,000. Income before income taxes for the period was 70,000 100,000