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 $28,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $220). c. Sold merchandise (costing $4,750) to a customer on account with terms n/60. $ 51,200 250 10,000 d. Collected half of the balance owed by the customer in (c). 5,000 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 160 f. Anticipate further returns of merchandise (costing $140) after year-end from sales made during the year. 350 PA6-3 (Static) Part 1 Required: 1. Compute Net Sales and Gross Profit for Hair World.