4 Part 1 of 4 9.09 points Required information PA6-3 (Algo) Recording Sales with Discounts and Estimated and Actual Returns, and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5] [The following information applies to the questions displayed below.] Hughes Hair Design is a wholesaler of hair supplies. Hughes Hair Design uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $29,157). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $230). c. Sold merchandise (costing $5,035) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $150) after year-end from sales made during the year. $ 51,840 260 10,600 5,300 162 270 PA6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Hughes Hair Design. Answer is complete but not entirely correct. Net Sales S 61,748 Gross Profit S 27,556