Question: Alpha Company provided the following data concerning its income statement: sales, $925,000; purchases, $473,000; beginning inventory, $275,000; ending inventory, $292,000; operating expenses, $102,000; freight-in, $5,000;

Alpha Company provided the following data concerning its income statement: sales, $925,000; purchases, $473,000; beginning inventory, $275,000; ending inventory, $292,000; operating expenses, $102,000; freight-in, $5,000; sales discounts, $23,000; purchases discounts, $15,000; sales returns & allowances, $122,000; and purchases returns & allowances, $32,000. The data are complete and provide the basis for preparation of an income statement. How much is net income?

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