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 merchandise $20,797). $ 35,200

b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $240 ). 400

c. Sold merchandise (costing $3,800 ) to a customer on account with terms n/60. 8,000

d. Collected half of the balance owed by the customer in (c). 4,000

e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 128

Required: Compute Net Sales and Gross Profit for Hair World.