Which account balance is NOT used to compute the cost of goods sold? Sales Inventory Purchase Discounts Purchases Question 45 ( 2 points) Gross profit minus operating expenses equals: Income from Operations Total Operating Expenses Gross Profit Net Income Question 46 (2 points) Merchandise inventory available at the beginning of the period + net purchasesmerchandise inventory at the end of the period = Purchases purchases returns and allowances Cost of Goods Sold gross profit