Question: Alpha Company provided the following data concerning its income statement: sales, $1,020,000; purchases, $482,000; beginning inventory, $275,000; ending inventory, $232,000; operating expenses, $102,000; freight-in, $5,000; sales discounts, $21,000; purchases discounts, $15,000; sales returns & allowances, $92,000; and purchases returns & allowances, $35,000. The data are complete. Provide the basis for preparation of an income statement. How much is net income?