Computing Gross Profit The following data were taken from the accounts of Fluter Hardware, a small retail business. Sales $120,600 Sales returns and allowances 950 Sales discounts 730 Merchandise inventory, January 1 35,100 Purchases during the period 76,500 Purchases returns and allowances during the period 4,090 Purchases discounts taken during the period 2,120 Freight-in on merchandise purchased during the period 1,130 Merchandise inventory, December 31 32,300 Determine the gross profit.

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