The following information is available for the Waterfront Merchandising Industry.

Sales 125,000 Purchase Returns &

Allowances 1,500 Sales Returns &

Allowances 3,000 Purchase Discounts 4,000 Sales Discounts 5,000 Ending Inventory 11,000 Beginning Inventory 12,000 Freight - In 2,000 Purchases 53,000

a. Calculate Net Sales.

b. Calculate Cost of Goods Sold.

c. Calculate the Gross Profi t.