Computing Gross Profit The following data were taken from the accounts of Fluter Hardware, a small retail business. Sales $120,000 Sales returns and allowances 930 Sales discounts 660 34,900 77,500 Merchandise inventory, January 1 Purchases during the period 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 4,190 2,360 1,280 32,000 Determine the gross profit. $