Question: Please solve the question and show calculations. Question 6 [10 points) The following transactions occured during 2014 for Courtand Corp which uses a perpetual inventory
Question 6 [10 points) The following transactions occured during 2014 for Courtand Corp which uses a perpetual inventory system (a) Februy 1 Courtiand Corp's merchandise was sold to Global Filter Corp. for $7,000 under Credit forms of 2/30, 1/30, FOB shipping point. The cost of the merchandise was $5,000 (b) February 1 Courtland Corp purchased merchandise from XYZ Corporation for $9,000 under Credit forms of 100, FOB shipping point (c) February 2 Paid $100 shipping charges related to the February 1 purchase of merchandise (d) February 3 Courtland Corp sold morchandise that cost $4,000 to Northst Corp for $5,000 under credit forms of 2/30, 160, Foo shipping point (o) February 4 Courtland Corp purchased merchandise on credit from Allarco Inc, terms 1/60, S7,400, FOB destination 0 February 7 Northstar Corp, requested a price reduction on the February 3 sal because the merchandise did not moet spoofications. Sont Northestar Corp. an crodt memorandum for $700 to resolve the issue (9) February 11 Received a credit memorandum in the amount of $600 acknowledong the return of merchandise purchased from Alarco loc on February (h) February 16 Courtland Corp purchased merchandise from Segura Corporation for $9.200 cash, FOB destination (1) April 2. Paid XYZ Corporation the amount due from the February 1 purchase 0 Apol 4 Received the balance due from Northstar Corp for the sale dated February 3 (K) April 5. Paid Alarco Inc. the balance duo ( May 2 Received the balance due from Global Filter Corp for the sale datod February 1 a) Calculate the net sales for Courtland Corp during 2014 fict Sales b) Cakulate the cost of goods sold for Courtland Corp during 2014 Cost of Goods Sold
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