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Please give answer ASAP The following transactions occured during 2014 for Gulf Corp. which uses a perpetual inventory system (a) May 1. Gulf Corp.'s merchandise
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The following transactions occured during 2014 for Gulf Corp. which uses a perpetual inventory system (a) May 1. Gulf Corp.'s merchandise that cost $6,080 was sold to Courtland Corp. for $7,600 under credit terms of 2/30, n/90, FOB shipping point. (b) May 1: Gulf Corp. purchased merchandise from X-cell Inc. for $7,900 under credit terms of n/60,FOB destination. (c) May 2: Gulf Corp. purchased merchandise for cash from Global Filter Corp., $7,000, FOB destination. (d) May 3: After negotiations with X-cell Inc. concerning problems with the merchandise purchased on May 1 , received a credit memorandum granting a price reduction of $500. (e) May 4: Gulf Corp. sold merchandise that cost $6,720 to Southgate Inc. for $8,400 under credit terms of 2/30, n/60, FOB shipping point (f) May 4: Gulf Corp. purchased merchandise from Oppong Corporation for $6,700 under credit terms of n/60, FOB shipping point. (g) May 5: Paid $100 shipping charges related to the May 4 purchase of merchandise. for $900 to resolve the issue. (i) June 30. Paid the amount due to X-cell Inc. for the May 1 purchase. (j) July 3 Received the balance due from Southgate Inc. for the sale dated May 4. (k) July 3: Paid Oppong Corporation the amount due from the May 4 purchase. (I) July 30. Received Courtland Corp.'s payment of the amount due from the May 1 sale. a) Calculate the net sales for Gulf Corp. during 2014: b) Calculate the cost of goods sold for Gulf Corp. during 2014Step by Step Solution
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