The following transactions occured during 2014 for Global Fitter Corp which uses a perpetual inventory system (a) January 1 Global Filter Corp.'s merchandise was sold to Stake Technolomy Inc. for $7,700 under credit terms of 230 , ne0, FOB shipping 50 it Tre cost of the merchandise was $6,160, (b) January 1. Global Fater Corp purchased merchandise for cash from Southgate inc. 59,900,FOB destination. (c) January 2 Global Filter Corp. purchased merchandise from Oppong Corporation for $7,600 under credit terms of ne0, FoB shipping point? (d) January 3 Paid $400 shipping charges related to the January 2 purchase of merchandise. (e) January 6: Global Filter Corp. sold merchandise that cost $4,240 to Velor inc for $5,300 under eredit ferms of 2/15, n/30, FOB ahipping point. (f) January 6: Global Filer Corp. purchased merchandise from Segura Corporation for $5,300 under credit terms of n60, FOB destination. (9) January 12: Velor Inc, requested a price reduction on the January 6 sale because the merchandise did not meet specifications Sert Veicr ine a credt memorandam for $1,000 to resolve the issue. (h) January 16. Received a $700 credit memorandum acknowledging the return of merchandise purchased on January 6 (i) February 5: Recened Velor inc:'s payment of the amount due from the January 6 sale. (4) March 2. Received the balance due from Stake Technology Inc. for the sale dated January 1 . (k) March 3. Paid the balance due to Oppong Corporation. (i) March 7: Paid the amount dive to Segura Corporabon for the January 6 purchase a) Calculate the net sales for Global Filter Corp duning 2014 b) Calculate the cost of poods sold for Global Filter Corp diaring 2014 The following transactions occured duing 2014 for Global Filler Corp which uses a perpetual inventory system? (a) January 1: Global Filter Corp,'s merchandise was sold to Stake Technology Iric for $7,700 under credit terms of 2/30, nio, FoB thipping pont. The coat of the merchandise was $6,160. (b) January 1: Global Filier Corp. purchased merchandise for cash from Southgate inc, $9,000,FOB destination. (c) January 2. Global Filter Corp purchased merchandise from Oppang Corporation for $7,600 under credit terms of nito, FoB shipping point. (d) January 3: Paid $400 shipping charges related to the January 2 purchase of merchandise. (e) danuary 6: Giobal Filter Corp, sold merchandise that cost $4,2, po to Veior the for $5,300 under credit terms of 2/15, n/30, FoB shipping point (1) January 6: Global Filler Corp. purchased merchandise from Segura Corporabon for $5,300 under credit terms of n60, FOB destination. (g) January 12. Velor inc, requested a price reduction on the January 6 sale because the meschandise did not meet specticabions. Sent Veior inc, a crodit memorandurn for \$1.000 to resolve the issue. (h) January 16: Received a $700 credit memorandum acknowledging the return of meschandise purchased on January 6 . (i) Fobruary 5. Received Velor inc's payment of the amount due from the January 6 saie. (0) March2. Received the balance due from Slake Technology Inc. for the aale daled January 1. (k) March 3. Paid the balance due to Oppong Corporation. (1) March 7: Paid the amount due to Segura Corporation for the January 6 purchase. a) Cilculate the not sales for Global Filter Corp during 2014: b) Calculate the cost of coods sold tor Global Filter Corp. during 2014
