W
Friar Company discloses the following information for the year ended October 31, 2023:
Sales: $359,000
Sales discounts: $5,900
Sales returns: $14,400
Merchandise inventory (beginning of period): $31,400
Invoice cost of merchandise purchases: $180,000
Purchase discounts: $4,000
Purchase returns and allowances: $6,400
Cost of transportation-in: $11,400
Gross profit from sales: $142,800
Profit: $65,400
Required:
a. Calculate the total operating expenses.
Answer is complete and correct.
Total operating expenses: $77,400
