Greenwood Timber Corporation manufactures lumber products, which it sells to building supply stores. On June 13, 2019, Greenwood sold 200 lifts (ie. bundles) of 2x4-8 footers at a price of $280/lift to Bobs Building Supplies, a retail chain, with payment terms 2/10, net 30. The manufacturing cost to Greenwood is $170/lift. On June 17, Bobs Building Supplies returned 25 lifts due to crooked boards that the retailer believed it couldnt sell. On June 20^th, Bobs paid Greenwood in full.

1. Record below, in the boxes provided, the journal entries required to by Greenwood and Bob's to record the sale and purchase, the return, and the payment on account. Assume both Greenwood and Bob's use a perpetual inventory system. (9 marks)
2. Determine what Greenwoods net sales, cost of goods sold and gross profit percentage are on its sale to Bobs. Show your work.