eBook Show Me How Computing Gross Profit The following data were taken from the accounts of Fluter Hardware, a small retail business. Sales Sales returns and allowances $120,400 800 Sales discounts 590 Merchandise inventory, January 1 34,700 Purchases during the period 76,900 Purchases returns and allowances during the period 3,970 Purchases discounts taken during the period 2,220 Freight-in on merchandise purchased during the period 1,200 Merchandise inventory, December 31 31,500 Determine the gross profit. Check My Work All work saved. MacBook Pro