6. A merchandising business has the following financial data for the month of January: $15,000 Merchandise inventory balance on January 1 $50,000 Purchases $3,000 Purchase discounts $2,000 Purchase returns & allowances $1,000 Incoming freight costs $10,000 Merchandise inventory balance on January 31 $65,000 Sales revenue $1,500 Sales returns and allowances $5,000 Operating expenses A. Determine cost of goods sold for January. B. Determine gross profit for January