Slipper Electric uses the periodic inventory system. Slipper reported the following selected amounts at May 31, 2018 (Click on the icon to review the data.) Compute the following for Slipper. a. Cost of goods sold. b. Gross profit. a. Compute the cost of goods sold Cost of Goods Sold: 1 Less: III IN IN Plus Less: Cost of Goods Sold c. Determine the company's gross profit. The gross profit for the year ended May 31, 2018 is $ $ Merchandise Inventory, June 1, 2017 Merchandise Inventory, May 31, 2018 Purchases Purchase Discounts Purchase Returns and Allowances $ 16,500 Freight In 25,000 Net Sales Revenue 80,000 Common Stock 4,500 Retained Earnings 5,500 6,500 165,000 24,000 14,000