Waukesha Company has gross sales of 160 percent of cost of goods sold. It has also provided the following information for the calendar year 2000 :

\footnotetext{

Inventory balance, January 1, 2000 .

$\$ 100,000$

Total cost of goods available for sale . . . . 300,000 Sales returns . . . . . . . . . . . . . . . . . . . . 13,000 Purchase returns . . . . . . . . . . . . . . . . . $\quad 5,000$

Freight in . . . . . . . . . . . . . . . . . . . . . 2,000 Sales (net of returns) . . . . . . . . . . . . . . . . . 407,000 Operating expenses . . . . . . . . . . . . . . . . 27,000

}

Required: Using the available information, compute the following. (Ignore income taxes.)

1. Gross sales for 2000 .

2. Net purchases and gross purchases for 2000 .

3. Cost of goods sold for 2000 .

4. Inventory balance at December 31, 2000 .

5. Gross margin for 2000 .

6. Net income for 2000 .