For (a) through (i), identify the items designated by “X” and “Y.”
a. Sales – (X + Y) = Net sales
b. Purchases – (X + Y) = Net purchases
c. Net purchases + X = Cost of merchandise purchased
d. Merchandise inventory (beginning) + Cost of merchandise purchased = X
e. Merchandise available for sale – X = Cost of merchandise sold
f. Net sales – Cost of merchandise sold = X
g. Gross profit – Operating expenses = X
h. X + Y = Operating expenses
i. Income from operations + X – Y = Net income