Question #2 Using the above transactions from Q#1, Compute the Net sales and Gross Profit Margin for the month of Feb, 2020.

Question #1) 5 Marks Using a Perpetual Inventory System, prepare journal entries for the following transactions. Ignore Excise Taxes. 01-Feb-20 Purchased $5,000 of Inventory; terms 1/10, n/30 04-Feb-20 Sale to customer for $12,000 (Cost of Goods $6,000); terms 2/10, n/30 10-Feb-20 Paid for purchase from Feb 1, 2020 11-Feb-20 Some of the product sold on Feb 4th didn't match the customer's specifications. We agreed to accept the inventory back and reduced their account by $1,000. The inventory wasn't in good condition and wa returned to inventory (in other words, it was thrown out). 16-Feb-20 Customer from Feb 4, 2020 paid off their outstanding balance. Question #2) 2 Marks Using the above transactions from Q#1, compute the Net Sales and Gross Profit Margin for the month of Feb, 2020. Sales Less: Sales Returns and Allowances Sales Discounts Net Sales COGS Gross Profit