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Question - On January 1, 2021, jena Retailers had inventory of $48,700. On December 31, 2021, total inventory on hand was $65,200. jena reported the following account balances on December 31:
Freight in $3,100
Purchases 508,000
Purchase returns and allowances 1,600
Purchase discounts 7,000
Sales 840,200
Sales discounts 5,100
Sales returns and allowances 10,400
What is the Calculate Jena Retailers' 2021 gross profit.
What is Jena Retailers' 2021 operating expenses if profit is $129,500 and there are no non-operating activities.
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