Cost of Goods Sold and the Periodic System Layla Company uses the periodic inventory system. Layla started the period with $22,000 in inventory. The Company purchased an additional $25,000 of merchandise and returned $3,000 for a full credit. If Layla's cost of goods sold during the period was $31,000, what must have been the total of the physical inventory count? 0 Journalize Periodic Inventory Prepare the journal entries to record the following transactions for the Kristen Company using a periodic inventory system. a. On June 2, Kristen purchased $250,000 of merchandise from the Ferway Company with terms, 3/15, n/30. b. On June 5, Kristen returned $50,000 of the merchandise purchased on June 2. c. On June 13, Kristen paid the balance due to Ferway. General Journal Description Debit Credit Ref. . 0 b. 0 10 0 0 0 . 0 10 10 Cash Return on Sales Ratio Using the data below, compute lan's return on sales ratio for the month of January. Net Sales $12,000 Cost of goods sold 3,000 Operating expenses 7,000 Other income 500 Income tax expense 1,000 Round answer to the nearest whole percentage. 0 %