(Solution) - The following data were taken from the accounts ofBurnside Bedkn -(2025 Original AI-Free Solution)

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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