For the 2021 year, the following data were taken from the accounting records. $ 900,000 3,600...

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For the 2021 year, the following data were taken from the accounting records. $ 900,000 3,600 30,000 500,000 Sales Freight-out Sales returns and allowances Purchases Selling expenses Purchase returns and allowances Depreciation expense Freight-in Inventory at 1/7/20 Discount allowed Inventory at 30/6/21 Gross profit for the current year is: 4,975 8,000 8,025 2,000 90,000 2,800 130,000 For the 2021 year, the following data were taken from the accounting records. $ 900,000 3,600 30,000 500,000 Sales Freight-out Sales returns and allowances Purchases Selling expenses Purchase returns and allowances Depreciation expense Freight-in Inventory at 1/7/20 Discount allowed Inventory at 30/6/21 Gross profit for the current year is: 4,975 8,000 8,025 2,000 90,000 2,800 130,000

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To calculate the gross profit for the year we need to subtract the co... View the full answer