20 0.4 points Required information (The following information applies to the questions displayed below.) Larry's Building Supplies (LBS) is a local hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis 8 17:21 $590, eee a. Sold merchandise for cash (cost of merchandise $273,350). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $3,100). c. Sold merchandise (costing $5,880) to a customer on account with terns n/30. d. Collected half of the balance owed by the custoner in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 4.800 9,800 4,900 1,55e Required: 1. Compute Net Sales and Gross Profit for LBS. Answer is complete but not entirely correct. Net Sales Gross Profit $ 599,800 317,124