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On January 1, 2024, lvanhoe Retailers had inventory of $49,600. On December 31, 2024, total inventory on hand was $64,900. Ivanhoe reported the following account

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On January 1, 2024, lvanhoe Retailers had inventory of $49,600. On December 31, 2024, total inventory on hand was $64,900. Ivanhoe reported the following account balances on December 31: (a) Calculate Ivanhoe Retailers' 2024 gross profit. Gross profit Calculate Ivanhoe Retailers' 2024 operating expenses if profit for the year is $129,800 and there are no non-operating activities. Operating expenses

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