The following closing entries were prepared for XYZ Inc. at December 31, 2019, the end of its fiscal year. Required: Calculate gross profit. General Journal Date Credit Dec. 31 37,800 31 Account/Explanation PR Debit Sales. 37.800 Income Summary Income Summary 32,800 Cost of Goods Sold. Sales Returns and Allowances. Sales Discounts 26,800 690 310 5.000 31 Salaries Expenses Income Summary Retained Earnings... 5,000 5.000