Using the data from P6-3A and P6-4A, calculate the following:

Data from in P6.3A

Wilson Chan has just taken over a business started by his aunt in Sarnia, Ontario, and moved the company to Regina, Saskatchewan. The company is called Chan’s Imported Technology (CIT for short) and has all new customers in the Regina region. CIT specializes in the sale of three types of advanced electronic devices: cell phones (CP), tablet computers (TC), and smart watches (SW). Wilson wants his bookkeeper to record all sales into the Sales account. CIT’s normal terms are 2/10, n/20, but a couple of customers have been granted special terms of 3/15, n/45. Here are the sales and sales-related transactions for CIT during its first month of operations in August 2022. All inventory sold has a cost of goods sold amount equal to 75% of the sale (for example, if $4,000 of product was sold, the cost of goods sold for that sale would be $3,000).

a. Net sales
b. Gross profit

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2022 Aug. 2 Sold $4,000 (CP) and $5,500 (TC) to JIW Enterprises. Invoice No. 2001. Normal terms. 4 Sold $3,200 (CP), $1,600 (TC). and $2,600 (SW) to Case-5 Electronics Invoice No. 2002. Special terms. 5 Sold $2,900 (TC) and $1,200 (SW) to Advanced Technologies in Motion. Invoice No. 2003. Normal terms. 6 JIW Enterprises messaged that there was a minor problem with the screens of two of the cell phones they purchased on August 2. Wilson agreed to a credit allowance of $150 and issued credit memorandum No. 101 dated this date. Wilson did not take back the inventory. 10 Sold $3,000 (CP), $4,750 (TC), and $1,700 (SW) to Manfred Communications. Invoice No. 2004. Normal terms. 13 Sold $1,400 (CP), $3,500 (TC), and $850 (SW) to JIW Enterprises. Invoice No. 2005. Normal terms. 17 20 Sold $930 (CP), $1,400 (TC), and $1,100 (SW) to Advanced Technologies in Motion. Invoice No. 2006. Normal terms. The purchasing manager for Manfred Communications dropped by to mention that there was a memory flaw in one of the tablets sold to them on August 10. Manfred had already replaced the memory component with its own supply, and so an adjustment in price of $75 was agreed to. Issued credit memorandum No. 102 to Manfred Communications this date. No inventory was returned. Sold $4,200 (CP), $3,800 (TC), and $1,300 (SW) to WMJ Sales. Invoice No. 2007. Special terms. 22 26 Sold $6,200 (TC) to Case-5 Electronics. Invoice No. 2008. Special terms. 28 Sold $2,550 (CP), $4,400 (TC), and $1,780 (SW) to Manfred Communications. Invoice No. 2009. Normal terms. 30 Sold $1,430 (CP), $2,800 (TC), and $1,300 (SW) to Advanced Technologies in Motion. Invoice No. 2010. Normal terms.