Keiths CDs has been in business since January 1, 2020. The adjusted trial balance on May 31, 2020 for Keiths CDs is as follows:

A physical count of the inventory was taken on May 31, 2020 and it totaled $4,291. The Credit Union Loan Payable is due in 2 years.

Required: Calculate the following showing all calculations (NOTE: Income Statement and Balance Sheet is NOT required)

1. Net Sales
2. Cost of Goods Sold

Adjusted Trial Balance May 31, 2020 Debit Credit 2.187 1.226 537 525 13,200 1.000 1,503 204 10,903 10,000 4,100 Cash in Bank Accounts Receivable Merchandise Inventory Store supplies on hand Prepaid Insurance Store Equipment Accumulated Depreciation - Store Equipment Accounts Payable Salaries Payable Credit Union Loan Payable Capital - Keith Barrett Withdrawals - Keith Barrett Sales - Pop Sales - Rock Sales - Classical Sales - Accessories Sales Returns and Allowances Sales Discounts Purchases Purchases Returns and Allowances Purchase Discounts Rent Expense Store Salaries Expense Advertising Expense Store Supplies Expense Insurance Expense Transportation - In Depreciation - Store Equipment Transportation - Out Loan Interest Expense Bookkeeping Expense Total 9.791 9228 5,326 2,006 200 514 18.600 2.000 2.135 1,700 278 375 565 1,000 200 403 600 50,345 50,345