(1) the tee company had a $20,000 beginning inventory and a $24,000 ending inventory. and freight-in, $6,000. net sales were $160,000; purchases, $80,000; purchase returns and allowances, $5,000 a)using the cogs formula what is cost of goods sold for the period? b) what is tee’s gross profit percentage (rounded to the nearest percentage)? c) what is tee’s rate of inventory turnover? (2) beavercreek company sold 14,000 jars of its organic honey in the most current year for $15 per jar. the company had paid $10.50 per jar of honey. (assume that sales returns are nonexistent.) calculate the following: a. sales revenue b. cost of goods sold and c. gross profit