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Lindsay Corporation had the following account balances:
Sales Revenue $100,000
Beginning Inventory $20,000
Purchases $40,000
Sales Discounts $2,000
Purchase Discounts $1,500
Freight-in $500
Ending inventory $15,000
Purchase returns and allowances $1,000
Given this information and assuming that Lindsay's total operating expenses (exclusive of cost of goods sold) are $20,000, pretax income is?
a) $57,000
b) $55,000
c) $23,000
d) $35,000
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