Computing Gross Profit The following data were taken from the accounts of Burnside Bedknobs, a retail business. Sales Sales returns and allowances $116,000 1,190 Sales discounts 430 Merchandise inventory, January 1 31,500 Purchases during the period 102,500 Purchases returns and allowances during the period 1,930 Purchases discounts taken during the period 2,770 Freight-in on merchandise purchased during the period 1,530 Merchandise inventory, December 31 49,900 Determine the gross profit. S