Current Attempt in Progress The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 7 Ayayai Ltd. sold goods to Whispering Winds Corp. for $79,100, terms n/15, FOB shipping point. The inventory had cost Ayayai $42,100. Ayayai's management expected a return rate of 3% based on prior experience. Shipping costs of $1,100 were paid by the appropriate company. Whispering Winds returned unwanted merchandise to Ayayai. The returned merchandise has a sales price of $2,440, and a cost of $1,300. It was restored to inventory. Ayayai received the balance due from Whispering Winds. 8 11 (c) Your answer is incorrect. Calculate the gross profit earned by Ayayai on the above transactions. Gross Profit $ Save for Later Attempts: 1 of 2 used Submit