Question 4 [10 points) The following transactions occured during 2014 for Courtland Corp. which uses a perpetual inventory system (a) February 1 Courtiand Corp. 's merchandise that cost $6,480 was sold to X-cell Inc. for $8,100 under credit terms of 2/15, 1/30, FOB shipping point (b) February 1: Courtland Corp. purchased merchandise on credit from Ludwig Inc., terms 1/60, $8,200, FOB shipping point (c) February 2. Paid $300 shipping charges related to the February 1 purchase of merchandise (6) February 3 Courtland Corp, purchased merchandise from Stake Technology Inc. for 5,600 under credit terms of n/60, FOB destination (0) February 4 Courtland Corp.'s merchandise was sold to Benson Inc. for $9,300 under credit terms of 2/30, 6/90, FOB shipping point. The cost of the merchandise was $7.440. (1) February 7 Received a $600 credit memorandum acknowledging the return of merchandise purchased on February 3, (9) February 8: Courtland Corp purchased merchandise for cash from Callaho Inc. $6,800, FOB destination (h) February 8: Issued a $1,300 credit memorandum to X-colline for an allowance on goods sold on February 1. (1) March 3 Received the balance due from X-cell Inc. for the sale dated February 1 March 6: Received Benson Inc.'s payment of the amount due from the February 4 sale. (k) April 2: Paid the balance due to Ludwig Inc. (1) April 4: Paid Stake Technology Inc. the amount due from the February 3 purchase. a) Calculate the net sales for Courtland Corp, during 2014 Net Sales: b) Calculate the cost of goods sold for Courtland Corp. during 2014 Cost of Goods Sold