Exercise 5-18 On January 1, 2019, Skysong, Inc. had inventory of $51,500. At December 31, 2019, Skysong had the following account balances CALCULATOR FULL SCRIE Freight-in Purchases Purchase discounts 505,500 Purchase returns and allowances Sales revenue Sales discounts Sales returns and allowances $4,700 6,900 3,850 803,500 5,000 11,500 At December 31, 2019, Skysong determines that its ending inventory is $61,500. x Your answer is incorrect. Try again. Compute Skysong's 2019 gross profit. Gross profit | 307250 LINK TO TEXT x Your answer is incorrect. Try again. CALCULATOR Compute Skysong's 2019 gross profit. Gross profit 307250 LINK TO TEXT x Your answer is incorrect. Try again. Compute Skysong's 2019 operating expenses if net income is $133,000 and there are no nonoperating activities. Operating expenses 174250 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Question Attempts: 1 of 4 used