Question: Nancy is doing an income statement for a given month for a small local retailer. The gross sales for the month were $18,052. The value

Nancy is doing an income statement for a given month for a small local retailer. The gross sales for the month were $18,052. The value of returns and allowances was $276, and the costs of beginning and ending inventory were $12,520 and $11,334 respectively. The total cost of purchases for the month was $11,685 and operating expenses for the month cost $980. What is the net income of the business?

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