The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Flounder Ltd. sold goods to Novak Corp. for $63,700, terms 2/10,n/30, FOB shipping point. The inventory had cost Flounder $35,300. 7 Shipping costs of $940 were paid by the appropriate company. 8 Novak returned unwanted merchandise to Flounder. The returned merchandise has a sales price of $2,100, and a cost of $1,090. It was restored to inventory. 11 Flounder received the balance due from Novak. Record the above transactions in the books of Flounder. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.) Date Account Titles and Explanation Debit Dec. 3 (To record credit sale) 3 (To record cost of merchandise sold) 7 8 (To record return of goods) 8 ch Record the above transactions in the books of Novak. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.) Date Account Titles and Explanation Debit Dec 3 7 8 11 Calculate the gross profit earned by Flounder on the above transactions. Gross Profit $