(Answered) Question - on january 1 2017 christel madan corporation had

Accounting

Question - On January 1, 2017, Christel Madan Corporation had inventory of $54,500. At December 31, 2017, Christel Madan had the following account balances.

Freight-in $4,500 Purchases 510,000 Purchase discounts 7,350 Purchase returns and allowances 3,700 Sales revenue 808,000 Sales discounts 5,900 Sales returns and allowances 11,100

At December 31, 2017, Christel Madan determines that its ending inventory is $64,500.

Compute Christel Madan's 2017 gross profit.

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