Chander Bookstore, is a student co$-$op$.$ Chander Bookstore uses a perpetual inventory system. The following transactions $($summarized$)$ have been selected for analysis:a$.$ Sold merchandise for cash $($cost of merchandise $$157,670)$ b$.$ Received merchandise returned by customers as unsatisfactory $($but in perfect condition$)$ for cash refund $($original cost of merchandise $$616)$ c$.$ Sold merchandise $($costing $$9,360)$ to a customer on account with terms n$/30.$d$.$ Collected half of the balance owed by the customer in $($c$).$e$.$ Granted a partial allowance relating to credit sales the customer in $($c$)$ had not yet paid.f$.$Anticipate further returns of merchandise $($costing $$208)$ after month$-$end from sales made during the month.$ $286,0001,66020,80010,4001,180740$Required:$1.$ Compute Net Sales and Gross Profit for Chander Bookstore.