Computing Gross Profit

The following data were taken from the accounts of Burnside Bedknobs, a retail business. Sales Sales returns and allowances Sales discounts Merchandise inventory, January 1 Purchases during the periode 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. $116,500 1,020 430 31,600 98,800 2,170 2,700 1,430 49,500

Computing Gross Profit The following data were taken from the accounts of Burnside Bedknobs, a retail business