The accounting records of Copeland Appliance list the following at November 30. 20X1: Purchases of inventory Inventory: November 30, 20X0.. (Computing cost of goods sold and gross profit in a periodic inventory system; evaluating the business (Obj. 5, 6) $132,000 Selling expenses 8.800 November 30, 20X1 Furniture 37.200 Cash. Purchase returns and allowances 900 Freight in Salary payable 300 Jim Copeland, capital. 52.800 Sales revenue.... 199,600 Accumulated depreciation -furniture Purchase discounts. Sales returns and allowances.. Accounts payable...... 3,200 9.500 Sales discounts General expenses Required 1. Show the computation of Copeland's net sales, cost of goods sold, and gross profit for the year ended November 30, 20X1. Compute cost of goods sold as in the periodic inventory system. 2. Jim Copeland, owner of the company, strives to earn a gross profit percentage of 30%. Did he achieve this goal? 3. Did the rate of inventory turnover reach the industry average of 3.5 times per year? $41.700 41.500 3.700 1.600 13.600 600 2.100 19.300