I want some assistance in this case study analysis:
The following information is provided for Kelly Plumbing Supply.
Cash received from customers during December 2011 $387,000
Cash paid to suppliers for inventory during December 2011 131,000
Cash received from customers includes November accounts receivables of $139,000. Sales totaling $141,000 were made on account during December and are expected to be collected in January 2012. Cash d to suppliers in December included payments of $19,000 for inventory purchased and used in November. All inventory purchased in December and $39,000 of inventory purchased in November was used in December.
a. What is gross profit for the month of December under accrual accounts? (show calculations)