Delta Electric Co. uses the periodic inventory system. Delta reported the following selected amounts at May 31, 2015. Inventory, May 31, 2014 $ 16000 Purchases (Inventory) $ 84,000 Purchase returns $ 9,000 Sales $ 174,000 Sales returns $ 17,000 You are required to calculate: a. Cost of Goods sold b. Net Sales c. Gross Profit Inventory, May 31, 2015 $ 23,000 Purchase discounts $3,000 Freight in $ 4,000 Sales discount $ 6,000 Stock holder's Equity $ 47,000