The following data were taken from the accounts of Fluter Hardware, a small retail business. Sales Sales returns and allowances $119,500 970 Sales discounts 670 Merchandise inventory, January 1 35,400 Purchases during the period 78,000 Purchases returns and allowances during the period 4,100 Purchases discounts taken during the period 2,440 Freight-in on merchandise purchased during the period 1,130 Merchandise inventory, December 31 31,800 Determine the gross profit. 77,070 X