Compute Net Sales and Gross Profit for Hair World.

Required information [The following information applies to the questions displayed below Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $87,200 a. Sold merchandise for cash (cost of merchandise $46,797). b. Received merchandise returned by customers s unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $630 c.Sold merchandise (costing $9,025 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 1,050 19,000 9,500 paid. 304 Required: 1. Compute Net Sales and Gross Profit for Hair World. Net Sales Gross Profit