Question 6) The following are the transactions for Winona Sports for the month of November. Nov. 5 Purchased hockey sticks and pucks on account from Hi-Stick Co.$1,600, terms 1/10, n/60. 7 Paid freight on Hi-Stick Co. purchases $90. 9 Received credit from Hi-Stick Co. for merchandise returned $300. 10 Sold merchandise on account for $1,000, terms n/30 12 Purchased gloves, socks, and other accessories on account from Twin City Sportswear $945, terms 2/10, n/30 14 Paid Hi-Stick Co. in full 17 Received credit from Twin City Sportswear for merchandise returned $95. 20 Made sales on account for $1,330, terms n/30. 21 Paid Twin City Sportswear in full. 27 Granted credit to customers for clothing that did not fit properly $150 30 Received payments on account for $1,770 Instructions (no color required): Journalize the transactions using a periodie inventory system. Question 7) Assume that Tract Company uses a periodic inventory system and has these account balances: Purchases $959,000, Purchase Returns and Allowances $13,700; Purchase Discounts $9,800, Freight-In $16,000, Beginning Inventory $60,000, Net Sales $999,999, and Ending Inventory $90,000. Instructions (no color required: A. B. Determine Net Purchases and Cost of Goods Purchased. Determine Cost of Goods Sold and Gross Profit Question 8) Below is a series of cost of goods sold sections for companies A, L, N, and R. $120 1,080 $700 $250 80 130 2,100 $0) 43,590 Beginning inventory Purchases Purchases returns and allowances Net purchases Freight-in Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 290 7,410 8,050 1,150 42,290 2,420 1,040 1,230 1,350 (0 1,230 49,350 6,230 43,120 310 7,600 Instructions (no color required): Fill in the lettered blanks to complete the cost of goods sold sections