Compute net sales and gross profit for each separate case a through c. Following are financial figures for three companies. Compute net purchases, cost of goods sold, and gross profit for each company. For each of the three companies, prepare the necessary adjusting entries for merchandise inventory at the end of the accounting period. Each company uses the periodic inventory method. Computing net sales and gross profit Computing net purchases, cost of goods sold, and gross profit L04 L05 L06 Adjusting entries for inventory L02