QS 5-18 Computing net sales and gross profit P4 Vitamix reports the following information for its year ended December 31: cash sales of $60.000; sales on credit of $90,000; general and administrative expenses of $17,000; sales returns of $11,000; cost of goods sold of $80,000; sales discounts of $2,000: and selling expenses of $24,000. Compute (a) net sales and (b) gross profit. QS 5-264 Periodic Recording purchases, returns, and discounts P5 Refer to QS 5-5 and prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the gross method and a periodic inventory system