Computing Gross Profit The following data were taken from the accounts of Fluter Hardware, a small...

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Computing Gross Profit The following data were taken from the accounts of Fluter Hardware, a small retail business. Sales Sales returns and allowances $121,600 900 Sales discounts 610 Merchandise inventory, January 1 35,200 Purchases during the period 77,100 Purchases returns and allowances during the period 4,130 Purchases discounts taken during the period 2,420 Freight-in, on merchandise purchased during the period 1,320 Merchandise inventory, December 31 31,500 Determine the 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 $121,600 900 Sales discounts 610 Merchandise inventory, January 1 35,200 Purchases during the period 77,100 Purchases returns and allowances during the period 4,130 Purchases discounts taken during the period 2,420 Freight-in, on merchandise purchased during the period 1,320 Merchandise inventory, December 31 31,500 Determine the gross profit.