Chapter 5 Homework Note: All homework assignments must be submitted through the Blackboard course site. Chapter 5 Question 1: (2 points) Listed below are selected account balances for Fess Company for the year ended December 20x2: Merchandise Inventory, 1/1/20X2, Merchandise Inventory, 12/31/20X2 Freight-In Purchases Sales Purchase returns and allowances $8,000 10,000 4,000 100,000 140,000 2,000 15,000 Sales returns and allowances Purchase discounts 1,000 Required: Calculate the gross profit. $[a] When entering the answer in Blackboard, omit $ signs