Exercise III (FOR SELECTION) The gross sales from whole 2015 period were 33000 and the sales returns were 6%. Additionally the company is offering 6% of cash discount of sales to their customers (the cash sales was 24750). At the beginning of the period December 31, 2014 the merchandise inventory level was 10 100 and during the year 2015 the company purchased 16500 of merchandise with 6% cash discount (the cash purchases was 6600). Due to the low quality of the merchandise the company agreed with the suppliers on 900 purchase allowance. The freight -in cost for the 2015 period were 1920. The ending inventory as of December 31, 2015 Ilevel was 2 600. Please calculate cost of goods sold and gross profit under the periodic system inventory for 2015