View Policies Current Attempt in Progress On January 1, 2020, Cheyenne Corp. had inventory of $60,000. At December 31, 2020, Cheyenne had the following account balances. Freight-in Purchases Purchase discounts Purchase returns and allowances Sales revenue Sales discounts Sales returns and allowances $4,900 501,000 7,400 2,800 807,500 5,000 10.200 At December 31, 2020, Cheyenne determines that its ending inventory is $70,000. Compute Cheyenne's 2020 gross profit. Gross profit $ e Textbook and Media Compute Cheyenne's 2020 operating expenses if net income is $150,000 and there are no nonoperating activities $ Operating expenses