find gross profit and create jornal entries for a-f

need an explanation / formula to find them

Required information The following information applies to the questions displayed below.) Foster Supplies is a wholesaler of hair supplies. Foster Supplies uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $34,917). $ 62,880 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition for cash refund (original cost of merchandise $390). c. Sold merchandise (costing $9,595) to a customer on account with terms n/68. 20, 280 d. Collected half of the balance owed by the customer in (c). 10,100 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $310) after year end from sales made during 420 194 the year. 430 Required: 1. Compute Net Sales and Gross Profit for Foster Supplies Not Sales $ 81,236 Gross Profit D Required information [The following information applies to the questions displayed below) Foster Supplies is a wholesaler of hair supplies. Foster Supplies uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $34,917). $ 62,080 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition for cash refund (original cost of merchandise $390). 420 c. Sold merchandise (costing 39,595) to a customer on account with terns n/68. 20,200 d. Collected half of the balance owed by the customer in (c) 10,100 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid, f. Anticipate further returns of merchandise (costing $310) after year-end from sales made during the year. 438 194 3. Prepare journal entries to record transactions (a)-. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)