Exercise 5-18 (Part Level Submission) On January 1, 2017, Metlock Enterprises, Ltd. had inventory of 51,650. At December 31, 2017, Metlock had the following account balances. Freight-In Purchases Purchase discounts Purchase returns and allowances Sales revenue Sales discounts Sales returns and allowances E 4,130 501,480 7,740 11,500 803,340 7,480 11,650 At December 31, 2017, Metlock determines that its ending inventory is 61,650 using the periodic inventory method. (a) Compute Metlock's 2017 gross profit. Compute Metlock's 2017 gross profit. 11 V