Question 5 [10 points] The following transactions occured during 2014 for Velor Inc which uses a perpetual inventory system (a) March 1 Volor inc's merchandise was sold to Ludwig Inc for $9 300 under credit forms of 2/15, 1780, FOB destination. The cost of the merchandise was 57.40 (b) March 1 Velor inc purchased merchandise from Gulf Corp for $9200 under credit terms of 60 FOB destination (c) March 2 issued a 51 200 credit memorandum o Ludwig ind for an allowance on goods sold on March 1 (d) March 2 Paid $200 for freight charges on the sale of March 1 (e) March 3 Velor Inc purchased merchandise on credit from Southgate Inc forms 60, 58 900, FOB destination (1) March 4 Velor Inc sold merchandise that cost $7,360 10 Star Inc. for 50 200 under Credit torms of 2/10, 1/90 FOB shipping point (g) March 4 Received a $600 credit memorandum acknowledging the return of merchandise purchased on March 3 (1) March 10 Velor Inc purchased merchandise from Vision Consulting Inc for 52 800 cash FOB destination (1) April 30 Received Ludwig Inc's payment of the amount duo from the March 1 Sale 0) April 30 Paid Guld Corp the amount due from the March 1 purchase (K) May 2. Paid Southgate in the amount due from the March 3 purchase (1) June 2 Received Star inc's payment of the amount due from the March 4 sale a) Calculate the net sales for Velor toc during 2014 Net Sales b) Calculate the cost of goods sold for Volotinc during 2014 Cost of Goods Sold