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5 Marks Question 06 On January 1, 2019, Emily Dikinson Corporation had inventory of $50,000. At December 31, 2019, company had the following account balances. Freight-in Purchases Purchase discounts Purchase returns and allowances Sales revenue Sales discounts Sales returns and allowances 5600 513600 7500 2500 925000 3500 9800 At December 31, 2017, it determines that its ending inventory is $55,000. Instructions (a) Compute 2019 gross profit. (b) Compute 2019 net income of the company if operating expenses are $ 167850 for the period