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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

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 $

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