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Retail Sales Transactions - T-Account depiction of Accounting Entry You are given the following tranactions related to a Merchandising business. Record these in the T-accounts above: 1. Inventory is purchased costing $500,000 2. Cash Sales of $10,000 were completed selling Inventory costing $5,000 3. Shipping charges of $5,000 for Inventory purchased in #1 were paid. (shipping terms FOB shipping point) 4. Cash Sales of $15,000 were completed with a Cost of Goods Sold of $7,500 What is the Gross Profit for the period