Computing Gross Profit

Computing Gross Profit The following data were taken from the accounts of Fluter Hardware, a small retail business. Sales Sales returns and allowances Sales discounts Merchandise inventory, January 1 Purchases during the period Purchases returns and allowances during the period Purchases discounts taken during the period Freight-in on merchandise purchased during the period Merchandise inventory, December 31 Determine the gross profit. $118,200 970 680 35,200 76,500 4,180 2,440 1,390 32,100