The balance in a merchandise company's inventory account on May 1 was $11, 800. Additional inventory purchased during May totaled $l6,000, and the amount of inventory hand it May 31 was $13, 600. What is the amount of Cost of Goods Sold that will be shown on the income statement for (show your calculations) On June 1, merchandise subject to terms 2/10, n/30 was sold on account (credit) to a customer for $23, 500. On June 3, the customer returned merchandise with a purchase price of $3, 500. What is the amount of cash collected by the seller if payment is made by the customer on June 8 ? What is the amount of cash collected by the seller if payment is made by the customer on June 30