Two different companies, Vogel Corporation and Hatcher Corporation, entered into the following inventory transactions during December. Both companies use a perpetual inventory system using the gross method of recording sales discounts.

December $3-$ Vogel Corporation sold inventory on account to Hatcher Corporation for $$488,000,$ terms $\frac{2}{10},$ n$/30.$ This inventory originally cost Vogel $$318,000.$

December $8-$ Hatcher Corporation returned inventory to Vogel Corporation for a credit of $$4,400.$ Vogel returned this inventory to inventory at its original cost of $$2,867.$

December $12-$ Hatcher Corporation paid Vogel Corporation for the amount owed.

Required:

a$.$ Prepare the journal entries to record these transactions on the books of Vogel Corporation.

b$.$ What is the amount of net sales to be reported on Vogel Corporation's income statement?

c$.$ What is the Vogel Corporation's gross profit percentage?

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