Ivanhoe Wholesalers uses a perpetual inventory system. Mar. 1 2 Stellar Stores purchases $9.400 of merchandise for resale from Ivanhoe Wholesalers, terms 2/10,n/30,FOB shipping point. The correct company pays $175 for the shipping charges, Stellar returns $1.200 of the merchandise purchased on March 1 because it was the wrong colour. Ivanhoe gives Stellar a $1,200 credit on its account. Stellar Stores purchases an additional $12,000 of merchandise for resale from Ivanhoe Wholesalers, terms 2/10, 1/30. FOB destination. 3 21 22 The correct company pays $175 for freight charges. Stellar returns $300 of the merchandise purchased on March 21 because it was damaged. Ivanhoe gives Stellar a $300 credit on its account. 23 30 Stellar paid Ivanhoe the amount owing for the merchandise purchased on March 1. 31 Stellar paid Ivanhoe the amount owing for the merchandise purchased on March 21, Additional information: Mar. Ivanhoe's cost of the merchandise sold to Stellar was $4,100. 1 3 Ivanhoe's cost of the merchandise returned by Stellar was $523. As the merchandise was not damaged, it was returned to Ivanhoe's inventory 21 Ivanhoe's cost of the additional merchandise sold to Stellar Stores was $5,234. Ivanhoe's cost of the merchandise returned by Stellar was $131. As the merchandise was damaged, it was put in the recycling bin. 23 Prepare Ivanhoe Wholesalers' journal entries to record the sales transactions with Stellar. Remember to record the freight and cash receipt transactions as appropriate. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Credit Debit Account Titles and Explanation (To record sales on account.) (To record cost of goods sold.) 2 (To record credit for goods returned) (To record cost of goods returned.) (To record sales on account.) (To record cost of goods sold.) (Cash payment for freight costs.) . (To record credit for goods returned.) (Collection on account.) Mar. 31 Calculate Ivanhoe's net sales, cost of goods sold, and gross profit for these sales. Net sales $ Cost of goods sold $ Gross profit $