Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income statement Calculate net sales Net sales $ Calculate net purchases. Net purchases $ Calculate cost of goods purchased. Cost of goods purchased 5 Calculate cost of goods sold. Cost of goods sold $ Calculate net sales. Net sales Calculate net purchases. Net purchases Calculate cost of goods purchased. Cost of goods purchased Calculate cost of goods sold. Cost of goods sold Calculate gross profit. Gross profit Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inver statement. Calculate net sales. Net sales $ Calculate net purchases. Net purchases $ $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns D; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income