The following data were taken from the accounts of Fluter Hardware, a small retail business. Sales $118,200
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The following data were taken from the accounts of Fluter Hardware, a small retail business.
Sales $118,200
Sales returns and allowances 970
Sales discounts 680
Merchandise inventory, January 1 35,200
Purchases during the period 76,500
Purchases returns and allowances during the period 4,180
Purchases discounts taken during the period 2,440
Freight-in on merchandise purchased during the period 1,390
Merchandise Inventory, December 31 32,100
Determine the gross profit.
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