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Question 8 On January 1, 2017, Casselberry Retailers had inventory of $49,900. On December 31, 2017, total inventory on hand was $66,800. Casselberry reported the following account balances on December 31: Freight in $5,200 Purchases 510,200 Purchase returns and allowances 1,200 Purchase discounts 6,200 Sales 838,800 Sales discounts 5,200 Sales returns and allowances 9,900 Calculate Casselberry Retailer's 2017 gross profit. Gross profit Calculate Casselberry Retailer's 2017 operating expenses if profit is $130,500 and there are no non-operating activities. Operating expenses $