Computing Gross Profit The following data were taken from the accounts of Fluter Hardware, a small retail business. Sales $122,800 Sales returns and allowances 970 Sales discounts 650 Merchandise inventory, January 1 34,000 Purchases during the period 77,900 Purchases returns and allowances during the period 4,060 Purchases discounts taken during the period 2,420 Freight-in on merchandise purchased during the period 1,290 Merchandise inventory, December 31 31,700 Determine the gross profit. $________

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