Oriole Wholesalers uses a perpetual inventory system. Mar. 1 Stellar Stores purchases $8,700 of merchandise for resale from Oriole Wholesalers, terms 2/10,n/30, FOB shipping point. N The correct company pays $140 for the shipping charges. Stellar returns $1,100 of the merchandise purchased on March 1 because it was the wrong colour. Oriole gives Stellar a $1,100 credit on its account. 3 3 21 Stellar Stores purchases an additional $12,000 of merchandise for resale from Oriole Wholesalers, terms 2/10, n/30, FOB destination. 22 23 The correct company pays $155 for freight charges. Stellar returns $400 of the merchandise purchased on March 21 because it was damaged. Oriole gives Stellar a $400 credit on its account. Stellar paid Oriole the amount owing for the merchandise purchased on March 1. Stellar paid Oriole the amount owing for the merchandise purchased on March 21. 30 31 Additional information: Mar. 1 Oriole's cost of the merchandise sold to Stellar was $4,000. 3 Oriole's cost of the merchandise returned by Stellar was $506. As the merchandise was not damaged, it was returned to Oriole's inventory. Oriole's cost of the additional merchandise sold to Stellar Stores was $5,517. 21 23 Oriole's cost of the merchandise returned by Stellar was $184. As the merchandise was damaged, it was put in the recycling bin. Date Account Titles and Explanation Debit Crec (To record sales on account.) (To record cost of goods sold.) (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 (Collection on account.) Calculate Oriole's net sales, cost of goods sold, and gross profit for these sales. Net sales $ Cost of goods sold $ Gross profit $ $