Question: Please provide the accurate answer to this general accounting problem using valid techniques. The following data were taken from the accounts of Golden Gadgets, a

Please provide the accurate answer to this general accounting problem using valid techniques.

The following data were taken from the accounts of Golden Gadgets, a small retail business. Determine the gross profit. Description Amount | Sales returns and allowances 1,200 Sales discounts 750 Merchandise inventory, January 1 $40,000 Purchases during the period $90,000 $3,500 Purchases discounts taken $1,500 Freight-in on merchandise purchased |$1,000 Merchandise inventory, December 31/$45,000

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