5-1. Determining Cost of Merchandise Sold Obj. 1During the current year, merchandise is sold for $615,000 cash and $4,110,000 on account. The cost of the merchandise sold is $2,835,000. What is the amount of the gross profit? 5-2 Purchases transactions Obj. 2Warwick's Co., a women's clothing store, purchased $75,000 of merchandise from a supplier on account, terms FOB destination, 2/10,n/30. Warwick's returned $9,000 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period. Journalize Warwick's entries to record (a) the purchase, (b) the merchandise retum, and (c) the payment. 5-3. Sales transactions Obj. 2 Journalize the following merchandise transactions: A) Sold merchandise on account, $72,500 with terms 2/10, n/30. The cost of the merchandise sold was $43,500. B) Received payment less the discount 5-4. Freight terms Obj. 2Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit returns, and allowances was received prior to payment and that all invoices were paid within the discount period 5-5. Inventory shrinkage OBJ. 4Castle Furnishings Company's perpetual inventory records indicate that $675,400 of merchandise should be on hand on November 30, 2016. The physical inventory indicates that $663,800 of merchandise is on hand. Joumalize the adjusting entry for the inventory shrinkage for Castle Furnishings Company for the year ended November 30, 2016. Assume that the inventory shrinkage is a normal amount