CP6-3 (Algo) Recording Cash Sales, Credit Sales, Estimated and Actual Sales Returns, and Sales Allowances, and Analyzing Gross Profit Percentage (LO 6-4, LO 6-6) [The following information applies to the questions displayed below.) Mendoza incorporated, is a student co-op. Mendoza uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $161,870). $ 294,250 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $628). 1,700 c. Sold merchandise (costing $9,630) to a customer on account with terns n/30. 21,400 d. Collected half of the balance owed by the customer in (c). 10,700 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1,240 1. Anticipate further returns of merchandise (costing $214) after month-end from sales made during the month. 770 CP6-3 go) Part 1 Required: 1. Compute Net Sales and Gross Profit for Mendoza Net Sales Gross Profit