On January 1, 2020, Sheridan Company had inventory of $55,500. At December 31, 2020, Sheridan had the following account balances. Freight-in Purchases Purchase discounts Purchase returns and allowances $ 4.800 510,000 7.450 3,400 807,000 6.000 10,000 Sales revenue Sales discounts Sales returns and allowances At December 31, 2020, Sheridan determines that its ending inventory is $65,500. Your answer is incorrect Compute Sheridan's 2020 gross profit. Gross profit $ Compute Sheridan's 2020 operating expenses if net income is $141,000 and there are no nonoperating activities. Operating expenses $