Problem 1(15 pts.): Calculate the missing amounts, and place your answers in the spaces provided Sales $95,000 Sales Returns and Allowances ?------ 5,000 80,000 72,000 ? Sales Discounts Net Sales Beginning Inventory Purchases Purchase Returns and Allowances Purchase Discounts Freight-in Net Purchased Goods Available for Sale 7,0067 2,000 8,000 65,000 ?-- Ending Inventory Cost of Goods Sold Gross Margin Operating Expenses Net Income ?-------- 60,000 20,000 ? $5,000 SHOW YOUR WORK