The beginning inventory for Waikiki Surf Shop is $25,000Given the above information: calculate the net sales for Waikiki Surf Shop, calculate the Cost of Goods Sold for Waikiki Surf Shop, and calculate the Gross Profit (Gross Margin) for Waikiki Surf Shop.

Waikiki Surf Shop Trial Balance December 31, 20- ACCOUNT TITLE CREDIT BALANCE Ti 11 DE BALANCE 30! 01 01 0:00 - 2251 0 1 00 97010! 0' 00 2171 01 0:00 316i oto 00 1510 DIO00 13510 01 of 00 241 ololo 00 751 01 00 00 22 501 00 715 01 of 00 1510001 001 330 00 00 22371 00 00 Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Land Building Accumulated Depreciation ---Building Store Equipment Accumulated Depreciation Store Equipment Notes Payable Accounts Payable Wages Payable Uneamed Boat Rental Revenue John Neff, Capital John Neff, Drawing Income Summary Sales Sales Returns and Allowances Boat Rental Revenue Purchases Purchases. Retums and Allowances Purchases Discounts Freight-In Wages Expense Advertising Expense Supplies Expense Telephone Expense Utilities Expense 301 1001 0 300 51000 180 000 . Sog 157 5 0 0 00 1121 01 000 150 000 --- 41 51 08 00 630 Oj oj 1121 51 000 512 51 000 18 010 000 5 i Insurance Expense Deprecation Expense - Building Depreciation Expense ---Store Equipment Miscellaneous Expense Interest Expense 10 8175 00 121 21 51 00 6391 1:51 000 6391 11 51 01 00