Wisconsin Company uses the periodic inventory system. Sales for 2016 were $1,880,000 while operating expenses were $700,000. Beginning and ending inventories for 2016 were $280,000 and $240,000, respectively. Net purchases were $720,000 while freight in was $60,000. The net income or loss for 2016 was: Group of answer choices $120,000 net income $ 40,000 net income $360,000 net income $120,000 net loss