Connect - Class Homepage MInbox - londrato... Easy: Free Bibli.. Minbox (561) - agon... PA6-3 Recording Sales with Discounts and Returns and Analyzing Gross Profit Percentage [LO 6-4, L 5) [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 transactic (summarized) have been selected for analysis: $67,200 a. Sold merchandise for cash (cost of merchandise $36,797). b. Received merchandise returned by customers as unsatisfactory (but 'in perfect condition) for cash refund (original cost of merchandise $480 ). c. Sold merchandise (coating $6,650) 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. 800 14,000 7,000 224 PA6-3 Part 1 Required: 1. Compute Net Sales and Gross Profit for Hair World, Net Sales Gross Profit