1. Based on the following data determine the cost of merchandise sold for july:merchandise inventory, july 1 190850.merchandise inventory july 31 160450.purchases 1126000purchases returns and allowances 46000purchases discounts 23000freight in 17500= .2. income statement for merchandiser for the year sales were 8135000, sales discount were 795000, sales returns and allowances were 475000, and the cost of merchandise sold was 5100000.a. what was the amount of net sales? .b. what was the amount of gross profit .c. if total operating expenses were 1350000, could you determine net income?3. sales - related transactions after the amount due on a sale of 28000, term 2/10, n/eon is received from a customer within the discount period the seller consents to the return of the entries shipment. the merchandise returned was 16800.what is the amount of the fund owed to the customer? .Journalize the entries made by the seller to record (a) the refund and (b) the return of merchandise. for a compound transaction if an amount box does not require an entry,(a) sales returns and allowances sales discounts cash (b) merchandise inventory cost of merchandise sold