Hair World Incorporated 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 $32,037 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $310 ). c. Sold merchandise (costing $7,315 ) to a customer on account with terns n/60. 15,400 d. Collected half of the balance owed by the customer in (c). 7,700 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet 178 f. Anticipate further returns of merchandise (costing $230 ) after year-end from sales made during the year. Required: 1. Compute Net Sales and Gross Profit for Hair World