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Belstone Inc. is a merchandiser of stone ornaments. It sold 15,000 units during the year....

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Accounting

Belstone Inc. is a merchandiser of stone ornaments. It sold 15,000 units during the year. The company provided the following information. How much is the gross profit for the year?
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\begin{tabular}{lr} Sales Revenue & $525,000 \\ Purchases (excluding Freight In) & 308,000 \\ Selling and Administrative Expenses & 34,500 \\ Freight In & 15,200 \\ Beginning Merchandise Inventory & 42,000 \\ Ending Merchandise Inventory & 55,500 \end{tabular}

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