What is the gross profit????

The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Riverbed Ltd. sold goods to Concord Corp. for $85,600, terms n/15, FOB shipping point. The inventory had cost Riverbed $45,600. Riverbed's management expected a return rate of 3% based on prior experience. 7 Shipping costs of $1,200 were paid by the appropriate company. 8 Concord returned unwanted merchandise to Riverbed. The returned merchandise has a sales price of $2,640, and a cost of $1,400. It was restored to inventory. 11 Riverbed received the balance due from Concord. Record the above transactions in the books of Riverbed. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Dec 3 Accounts Receivable $85,600 Refund Liability Sales (To record credit sale) ac 3 V Cost of Goods Sold $44,232 Estimated Inventory Returns $1,368 Inventory (To record cost of merchandise sold) Dec. 7 No Entry Dec 8 Refund Liability $2,640 Accounts Receivable (To record return of goods) Dec 8 Inventory $1,400 Estimated Inventory Returns (To record cost of merchandise returned) Dec 11 Cash $82,960 Accounts Receivable $2,568 $83,032 710 $45,600 $2,640 $1,400 $82,960 (b) Your Answer Correct Answer Your answer is correct. Record the above transactions in the books of Concord. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Dec 3 V Inventory $85.600 Accounts Payable Dec. 7 Inventory $1,200 Cash Dec 8 Accounts Payable $2,640 Inventory Dec 11 Accounts Payable $82,960 Cash $85,60 $1,20 $2,64 $82,96 (c) * Your answer is incorrect. Calculate the gross profit earned by Riverbed on the above transactions. Gross Profit $ $38,760 eTextbook and Media List of Accounts Save for Later Attempts: 1 of 3 used Submit