Computing Gross Profit The following data were taken from the accounts of Fluter Hardware, a small retail business. Sales Sales returns and allowances $122,700 890 Sales discounts 690 Merchandise inventory, January 1 34,100 Purchases during the period 77,900 Purchases returns and allowances during the period 4,120 Purchases discounts taken during the period 2,290 Freight-in on merchandise purchased during the period 1,100 Merchandise inventory, December 31 32,400 Determine the gross profit.