Use the following information to calculate net sales: Gross Sales, $350,000; Sales Returns and Allowances, $22,800; Sales Discounts, $45,700; Merchandise Inventory, January 1, 2012, $77,100; Merchandise Inventory, December 31, 2012, $62,900; Net Purchases, $99,200; Freight In, $1,700; Salaries, $71,800; Rent, $26,600; Utilities, $1,225; Insurance, $3,195; and Income Tax, $15,900
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