Calculate: (A)net Sales,(b)cost of Goods Sold,(c)gross Profit,and (D)net Income from the Following

Short Answer

Calculate: (a)net sales,(b)cost of goods sold,(c)gross profit,and (d)net income from the following:
$\begin{array} { l r l r } \text { Sales } & \$ 3,000 & \text { Beginning Inventory } & \$ 500 \\\text { Sales Discount } & 50 & \text { Net purchases } & 1,400 \\\text { Sales Returns \& } & & \text { Ending Inventory } & 700 \\\text { Allowances } & 80 & \text { Operating Expenses } & 300\end{array}$