estion 5 [10 points] e following transactions occured during 2014 for Courtland Corp. which uses a perpetual inventory system: June 1: Courtland Corp.'s merchandise was sold to Zcom Inc. for $9,400 under credit terms of 2/10, n/30, FOB shipping point. The cost of the merchandise was $7,520. ) June 2: Courtland Corp. purchased merchandise on credit from Holden Corp., terms n/60, $7,500, FOB shipping point ) June 3: Paid $200 for freight charges for the June 2 purchase of merchandise. d) June 4: Courtland Corp.'s merchandise that cost $4,000 was sold to XYZ Corporation for $5,000 under credit terms of 2/10, n/90, FOB shipping point e) June 4: Courtland Corp. purchased merchandise from Southgate Inc. for $5,300 under credit terms of n/60, FOB destination (f) June 10: Courtland Corp. purchased merchandise for cash from Northstar Corp., $7,400, FOB destination. (g) June 10: Issued a $1,600 credit memorandum to Zoom Inc. for an allowance on goods sold on June 1. (h) June 11: Received a credit memorandum in the amount of $700 acknowledging the return of merchandise purchased from Holden Corp. on June 2 (i) June 11: Received the balance due from Zoom Inc. for the sale dated June 1. () August 1: Paid Holden Corp. the amount due from the June 2 purchase. (k) August 3: Paid Southgate Inc. the balance due. (1) September 2: Received XYZ Corporation's payment of the amount due from the June 4 sale. a) Calculate the net sales for Courtland Corp. during 2014 Net Sales: b) Calculate the cost of goods sold for Courtland Corp. during 2014 Cost of Goods Sold Official Time: 7:27:34 P Type here to search 0 @ # 3 * 2 $ D 4 % 5 40 6 & SUBMIT AND MARK 7 8 144 6 SPA