Compute the net profit for a company with the following data: Beginning inventory (cost). $ 150,000 Purchases

Compute the net profit for a company with the following data:

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Beginning inventory (cost). $ 150,000 Purchases at billed cost.... 330,000 Sales returns and allowances.. 250,000 Rent ... 60,000 Salaries..... 400,000 Heat and light.... 180,000 Ending inventory (cost). 250,000 Freight cost (inbound).... 80,000 Gross sales .. 1,300,000