14 Required information (The following information applies to the questions displayed below] Castillo Styling is a wholesaler of hair supplies. Castillo Styling uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $35, 997). Ok c. Sold merchandise (costing $10, 450) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $420). $ 64,000 450 22,000 ences paid. f. Anticipate further returns of merchandise (costing $340) after year-end from sales made during the year. Required: 1. Compute Net Sales and Gross Profit for Castillo Styling e. Granted a partial allowance relating to credit sales the customer in (c) had not yet 11,000 200 460 Net Sales Gross Profit