3 Computing cost of goods sold in a periodic inventory system Clink Electric uses the periodic inventory system. Clink reported the following selected amounts at May 31, 2018: E5B-3 $ 6,000 138,000 32,000 17,000 Freight In Net Sales Revenue $ 16,000 Merchandise Inventory, June 1, 2017 Merchandise Inventory, May 31, 2018 Purchases Purchase Discounts Purchase Returns and Allowances 21,500 81,000 Common Stock 3,000 Retained Earnings 6,600 Compute the following for Clink: a. Cost of goods sold. b. Gross profit