cost of goods sold: 43,000

COMPUTING GROSS PROFIT The following data were taken from the accounts of Fluter Hardware, a small retail business. Determine the gross profit. Sales $120,000 Sales returns and allowances 900 Sales discounts 650 Merchandise inventory, January 1 00 35,000 Purchases during the period od bolo 77,600 Purchases returns and allowances during the period 4,100 Purchases discounts taken during the period 2,300 Freight-in on merchandise purchased during the period 1,250 Merchandise inventory, December 31 32,000