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: a. Sold merchandise for cash (cost of nerchandise $30,797) b. Received merchandise returned by customers as unsatisfactory (but: in perfect condition) $55,200 for cash refund (original cost of morchandise $390 c. Sold merchandise (costing $5,225 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 salea the cuatomer in (c) had not yet 650 11,000 5,500 paid. 176 Required: 1. Compute Net Sales and Gross Profit for Hair World Net Sales Gross Profit