Merchandise costing $2,200 is sold for $3,200 on terms 2/30.n/60. If the customer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit? ts Net Sales Gross Profit eBook Nord Store's perpetual accounting system indicated ending inventory of $20,200, cost of goods sold of $101,000, and net sales of $152,000. A year-end inventory count determined goods costing $15,100 were actually on hand. a. Calculate the cost of shrinkage. b. Calculate an adjusted cost of goods sold (assuming shrinkage is charged to cost of goods sold). c. Calculate gross profit percentage before shrinkage. d. Calculate gross profit percentage after shrinkage