Computing gross profit the following data were taken from the accounts of fluter hardware, a small retail business. sales $121,800 sales returns and allowances 970 sales discounts 560 merchandise inventory, january 1 34,300 purchases during the period 76,700 purchases returns and allowances during the period 3,820 purchases discounts taken during the period 2,460 freight-in on merchandise purchased during the period 1,120 merchandise inventory, december 31 32,000 determine the gross profit.

$46,430

Explanation:

Data provided in the question:

Sales = $121,800

Sales returns and allowances = 970

Sales discounts = 560

Merchandise inventory, January 1 = 34,300

Purchases during the period = 76,700

Purchases returns and allowances during the period = 3,820

Purchases discounts taken during the period = 2,460

Freight-in on merchandise purchased during the period = 1,120

Merchandise inventory, December 31 = 32,000

Now,

Net sales = Sales - Sales returns and allowances - Sales discounts

=  $121,800 - $970 - $560

= $120,270

Cost of good sold

= Opening Inventory + Net purchases + Freights - Closing Inventory

= 34,300 + ( 76,700 - 3,820 - 2,460 ) + 1,120 - 32,000

= $73,840

Therefore,

Gross profit = Net sales - Cost of good sold

= $120,270 -  $73,840

= $46,430

answer; /// (b) i believe its that is paid to state and federal taxing authorities;

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