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 800 Sales discounts 630 Merchandise inventory, January 1 35,500 Purchases during the period 77,600 Purchases returns and allowances during the period 4,010 Purchases discounts taken during the period 2,250 Freight-in on merchandise purchased during the period 1,150 Merchandise inventory, December 31 31,800 Determine the gross profit.