Foster Supplies is a wholesaler of hair supplies. Foster Supplies uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis. $ 56,320 a. Sold merchandise for cash (cost of merchandise $31,677). 5. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $300). c. Sold merchandise (costing $7,030) to a customer on account with terus 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. f. Anticipate further returns of merchandise (costing $220) after year end from sales made during the year. 330 14,800 7,400 176 340 PA6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Foster Supplies Net Sales Gross Pront