Computing Gross Profit The following data were taken from the accounts of Fluter Hardware, a small retail business. Sales $119,600 Sales returns and allowances 900 Sales discounts 560 Merchandise inventory, January 1 34,300 Purchases during the period 77,000 Purchases returns and allowances during the period 3,870 Purchases discounts taken during the period 2,290 Freight-in on merchandise purchased during the period 1,380 Merchandise inventory, December 31 32,500

What is the gross profit?