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omputing Gross Profit The following data were taken from the accounts of Burnside Bedknobs, a...

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Accounting

omputing Gross Profit

The following data were taken from the accounts of Burnside Bedknobs, a retail business.

Sales$115,800Sales returns and allowances1,200Sales discounts360Merchandise inventory, January 129,500Purchases during the period109,300Purchases returns and allowances during the period1,820Purchases discounts taken during the period2,850Freight-in on merchandise purchased during the period1,560Merchandise inventory, December 3150,500

Determine the gross profit.

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