SA Using the following data taken from Hsu's Imports Inc., determine the gross profit to be reported on the income statement for the year ended March 31, 2010. Merchandise inventory, April 1, 2009 $193,250 Merchandise inventory, March 31, 2010 180,100 Purchases 1,079,600 Purchases returns and allowances 51,200 Purchases discounts 18,500 Sales 1,860,000 Freight in 19,250 2 NOV A A 21