The journal entries of James Gift Shop, a wholesaler, can be found below. These transactions took place during the month of June 2020. (Click the icon to view the journal entries.) Calculate cost of goods sold and gross profit assuming ending inventory is $16,000 and beginning inventory was $0. James Gift Shop uses a periodic inventory system. Journal Journal Entry Date Accounts Debit Credit Jun. 3 Purchases 20,000 Accounts Payable 20,000 Jun. 7 Accounts Payable 3,500 Purchases Returns and Allowances 3,500 Jun. 9 Freight-in 850 Cash 850 Jun. 10 Accounts Receivable 13,600 Cash 3,400 Sales Revenue 17,000 Jun. 12 Accounts Payable 16,500 Purchases Discounts 165 Cook 15.225 Print Done Journal X Purchases Returns and Allowances 3,500 Jun. 9 Freight-in Cash Jun. 10 Accounts Receivable Cash Sales Revenue Jun. 12 Accounts Payable 850 850 13,600 3.400 H 17,000 16,500 Purchases Discounts 165 Cash 16.335 Jun. 16 Sales Returns and Allowances 1,300 Accounts Receivable 1.300 Jun. 23 Cash 11,808 Sales Discounts Accounts Receivable 492 12,300 Print Done