3. Botshabelo Seeiting sold goods worth P135, 000 in the first half of 2017. Total of P15, 000 worth of goods were returned by the customers. He purchased goods worth P85, 000 and there were no returns. The stock in inventory at the beginning of the year was worth P20, 000 and at the end of the period, it was P15, 000. Carriage inwards were P5, 000.

REQUIRED:

Calculate the following:

i. Net Sales (2 marks)

ii. Cost of goods sold (2 marks)

iii. Gross Profit (2 marks)