Your answer is incorrect. Calculate Crane's net sales, cost of goods sold, and gross profit for these sales. Net sales $ Cost of goods sold $ Gross profit $ Crane Wholesalers uses a perpetual inventory system. Mar. 1 Stellar Stores purchases $8,500 of merchandise for resale from Crane Wholesalers, terms 2/10,n/30, FOB shipping point. 2 The correct company pays $175 for the shipping charges. 3 Stellar returns $1,000 of the merchandise purchased on March 1 because it was the wrong colour. Crane gives Stellar a $1,000 credit on its account 21 Stellar Stores purchases an additional $13,500 of merchandise for resale from Crane Wholesalers, terms 2/10,n/30,FOB destination. 22 The correct company pays $190 for freight charges. 23 Stellar returns $300 of the merchandise purchased on March 21 because it was damaged. Crane gives Stellar a $300 credit on its account. 30 Stellar paid Crane the amount owing for the merchandise purchased on March 1. 31 Stellar paid Crane the amount owing for the merchandise purchased on March 21. Additional information: Mar. 1 Crane's cost of the merchandise sold to Stellar was $4,000. 3 Crane's cost of the merchandise returned by Stellar was $471. As the merchandise was not damaged, it was returned to Crane's inventor) 21 Crane's cost of the additional merchandise sold to Stellar Stores was $6,353. 23 Crane's cost of the merchandise returned by Stellar was $141. As the merchandise was damaged, it was put in the recycling bin