Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts ReceivableAvery & Wiest.

June	1	Sold merchandise to Avery & Wiest for $9,500; terms 2/5, n/15, FOB destination (cost of sales $6,650).
	2	Purchased $4,900 of merchandise from Angolac Suppliers; terms 1/10, n/20, FOB shipping point.
	4	Purchased merchandise inventory from Bastille Sales for $11,400; terms 1/15, n/45, FOB Bastille Sales.
	5	Sold merchandise to Gelgar for $11,000; terms 2/5, n/15, FOB destination (cost of sales $7,700).
	6	Collected the amount owing from Avery & Wiest regarding the June 1 sale.
	12	Paid Angolac Suppliers for the June 2 purchase.
	20	Collected the amount owing from Gelgar regarding the June 5 sale.
	30	Paid Bastille Sales for the June 4 purchase.

II)

a. Calculate Net sales.

b. Calculate Cost of goods sold.

c. Calculate Gross profit from sales.