QS 5-1 Components of income for a merchandiser L01 Referring to the format presented in Exhibit 5.2, calculate gross profit and the profit or loss for each of the following c D Net sales $14.000 $102,000 $68,000 $540,000 $398,000 Cost of goods sold 8.000 64.000 31,000 320,000 215.000 Operating expenses 9.000 31.000 22.000 261.000 106,000 May QS 5-6Merchandise purchase transactions-perpetual LO3 Journalize each of the following transactions assuming a perpetual inventory system 1 Purchased $1.200 of merchandise inventory: torms 1/10. n/30. 14 Paid for the May 1 purchase. 15 Purchased $3.000 of merchandise inventory: terms 2/15.6/30. 30 Paid for the May 15 purchase, less the applicable discount. Click here for a description of List: OS 5-6. QS 5-7Merehandise purchase: allowance-perpetual LO3 Journalize each of the following transactions assuming a perpetual inventory system Aug Purchased $14.000 of merchandise nentory: torms 1/6, V15 * Recorved a credit mero from the supplier contiming a $1.500 allowance regarding the August 2 purchaso. 17 Paid for the August 2 purchase, loss to allowanco Click here for a description of List OS 5-7 QS 5-8Merchandise purchase: trade discount, return-perpetual LO3 Prepare journal entries to record each of the following transactions of a merchandising company Show any supporting calculations. Assume a perpetual inventory system Purchased 500 units of product with a list price of 55 per unit. The purchaser was granted and discount of 20% and motors of the said were 2/10, 100 Potomod 50 fotive units from the March 5 purchase and CONG full credit Pad the amount o resuming from the March 5 purchase, 1055 the rotum on March and app cascount 2 Mar 4 17 QS 5-7Merchandise purchase: allowance-perpetual LO3 Journalize each of the following transactions assuming a perpetual inventory system Aug. 2 Purchased $14,000 of merchandise inventory: torms 1/5. IV 15. Received a credit momo from the supplier confirming a $1,500 allowance regarding the August 2 purchase. Pald for the August 2 purchase, loss the allowance. Click here for a description of List QS 5-7 QS 5-8Merchandise purchase: trade discount, return-perpetual LO3 I Prepare journal entries to record each of the following transactions of a merchandising company. Show any supporting calculations. Assume a perpetual inventory system. 5 Purchased 500 units of product with a list pnce of $5 per unit. The purchaser was granted a trade discount or 20% and the terms of the sale were 2/10, IV 60. 7 Retumea 50 defective units from the Marcn 5 purchase and reconed full credir. 15 Paid the amount que resulting from the March 5 purchase, less the rotum on March 7 and applicable discount Mar