The following merchandise transactions occurred in December. Both companies use a perpetual inventory system.

Dec.	3		Swifty Ltd. sold goods to Blue Spruce Corp. for $81,700, terms n/15, FOB shipping point. The inventory had cost Swifty $43,500. Swiftys management expected a return rate of 3% based on prior experience.
	7		Shipping costs of $1,140 were paid by the appropriate company.
	8		Blue Spruce returned unwanted merchandise to Swifty. The returned merchandise has a sales price of $2,520, and a cost of $1,340. It was restored to inventory.
	11		Swifty received the balance due from Blue Spruce.

Calculate the gross profit earned by Swifty on the above transactions. PLEASE DO NOT ANSWER: $37,020 or $35,645 as THESE ARE INCORRECT.

Gross Profit

$