The following closing entries were prepared for Whirlybird Products Inc. at December 31, 2019, the end of its fiscal year.

Required: Calculate gross profit

General Journal

Date Account/Explanation PR Debit Credit

Dec. 31 Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,800

Income Summary . . . . . . . . . . . . . . . . . . . 37,800

31 Income Summary . . . . . . . . . . . . . . . . . . . . . . 32,800

Cost of Goods Sold . . . . . . . . . . . . . . . . . . 26,800

Sales Returns and Allowances . . . . . . . . 690

Sales Discounts . . . . . . . . . . . . . . . . . . . . . 310

Salaries Expenses . . . . . . . . . . . . . . . . . . . 5,000

31 Income Summary . . . . . . . . . . . . . . . . . . . . . . 5,000

Retained Earnings. . . . . . . . . . . . . . . . . . . 5,000