Answer:
The net income  for 2020 was $90,000
Explanation:
Shmenson Company
Income Statement for the year ended 2020
Sales                                       $470,000
Less Cost of Sales
Beginning Inventories              $70,000
Add Net purchases                $180,000
Add Freight In                     $15,000
Less Ending Inventories            ($60,000)   ($205,000)
Gross Profit                                  $265,000
Less Expenses
Operating expenses                          ($175,000)
Net Income                                   $90,000
Conclusion
Thus, the net income  for 2020 was $90,000.
