Exercise 5-18 On January 1, 2019, Swifty Corporation had inventory of $59,500. At December 31, 2019, Swifty had the following account balances. Freight-in $ 4,100 Purchases 507,500 Purchase discounts 6,200 Purchase returns and allowances 2,450 Sales revenue 800,000 Sales discounts 5,000 Sales returns and allowances 11,200 At December 31, 2019, Swifty determines that its ending inventory is $69,500. Ex Your answer is incorrect. Try again. Compute Swifty's 2019 gross profit. Gross profit 286600 SHOW SOLUTION x Your answer is incorrect. Try again. Compute Swifty's 2019 operating expenses if net income is $149,000 and there are no nonoperating activities. Operating expenses 137600