14. (78). Upstate Interiors reports Net Sales of $1,140,000, Cost Of Goods Sold of $805,000, and Net Income of $130,000. The company's Gross Profit is: OA. $205,000. B. $335,000. O C. $465,000. OD. $675,000. 15. (48). Under the perpetual inventory system, which journal entry would indicate a purchase of inventory merchandise from a supplier on credit? A. Debit Inventory and credit Cost of Goods Sold. B. Debit Purchases and credit Accounts Payable. OC. Debit Inventory and credit Accounts Payable. OD. Debit Costs of Goods Sold and credit Inventory