Question: The following data were taken from the accounts ofBurnside Bedknobs, a retail business. Determine the gross profit. Sales ..................... $116,900 Sales returns and allowances .............

The following data were taken from the accounts ofBurnside Bedknobs, a retail business. Determine the gross profit.

Sales ..................... $116,900

Sales returns and allowances ............. 1,100

Sales discounts .................. 400

Merchandise inventory, January 1 ........... 30,000

Purchases during the period ............ 100,000

Purchases returns and allowances during the period .. 2,000

Purchases discounts taken during the period ..... 2,800

Freight-in on merchandise purchased during the period . 1,500

Merchandise inventory, December 31 ......... 50,000

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