Calculate net sales, cost of goods sold, gross profit, and the gross profit ratio (round to two decimal places) in each of the following situations. Sales. Sales discounts. Merchandise inventory, Jan 1, 2020 Purchases... Purchase returns and allowances.. Merchandise inventory, Dec. 1, 2020. b $130,000 $512,000 $35,700 $245,700 4,200 16,500 400 3,500 8,000 21,000 1,500 4,300 120,000 350,000 29,000 131,000 4,000 14,000 750 3,100 7,500 22,000 900 4,100