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Hello, help with the question following question net sales COGS Gross Profit Sheridan Wholesalers uses a perpetual inventory system. Mar. Stellar Stores purchases $8,600 of

Hello, help with the question following question

  • net sales
  • COGS
  • Gross Profit
image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed Sheridan Wholesalers uses a perpetual inventory system. Mar. Stellar Stores purchases $8,600 of merchandise for resale from Sheridan Wholesalers, terms 2/10, n/30, FOB 1 shipping point. 2 The correct company pays $155 for the shipping charges. 3 Stellar returns $1,100 of the merchandise purchased on March 1 because it was the wrong colour. Sheridan gives Stellar a $1,100 credit on its account. 21 Stellar Stores purchases an additional \$11,500 of merchandise for resale from Sheridan Wholesalers, terms 2/10, n/30, FOB destination. 22 The correct company pays $170 for freight charges. 23 Stellar returns $600 of the merchandise purchased on March 21 because it was damaged. Sheridan gives Stellar a $600 credit on its account. 30 Stellar paid Sheridan the amount owing for the merchandise purchased on March 1. 31 Stellar paid Sheridan the amount owing for the merchandise purchased on March 21. Additional information: Mar. Sheridan's cost of the merchandise sold to Stellar was $4,100. 1 3 Sheridan's cost of the merchandise returned by Stellar was $524. As the merchandise was not damaged, it was returned to Sheridan's inventory. 21 Sheridan's cost of the additional merchandise sold to Stellar Stores was $5,483. 23 Sheridan's cost of the merchandise returned by Stellar was $286. As the merchandise was damaged, it was put in the recycling bin. Date Account Titles Mar. 1 Accounts Receivable Sales (To record sales on account.) Cost of Goods Sold Merchandise Inventory (To record cost of goods sold.) Mar. 2 No Entry No Entry Mar. 3 Sales Returns and Allowances Accounts Receivable (To record credit for goods returned.) Mar. 3 Merchandise Inventory Cost of Goods Sold (To record cost of goods returned.) Accounts Receivable Sales Debit Mar. 21 Accounts Receivable Credit (To record sales on account.) Calculate Sheridan's net sales, cost of goods sold, and gross profit for these sales. Cost of goods sold $ Gross profit $

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