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).	$ 56,960
b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $310).	340
c. Sold merchandise (costing $7,315) to a customer on account with terms 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 paid.	178
f. Anticipate further returns of merchandise (costing $230) after year-end from sales made during the year.	350

Required:

1. Compute Net Sales and Gross Profit for Hair World.

Required information [The following information applies to the questions displayed below.] 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). $ 56,960 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 terms n/60. 340 15,400 7,700 178 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 $230) after year-end from sales made during the year. 350 Required: 1. Compute Net Sales and Gross Profit for Hair World. Net Sales Gross Profit