determine gross profit

Project Description:

using the following data taken from hsu’s imports inc., determine the gross profit to be reported on the income statement for the year ended march 31, 2011.
merchandise inventory, april 1, 2010 $193,250
merchandise inventory, march 31, 2011 $180,100
purchases $1,079,600
purchase returns and allowances $51,200
purchase discounts $18,500
sales $1,860,000
freight in $19,250
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