Ints Saved Required information CP6-3 (Algo) Recording Cash Sales, Credit Sales, Estimated and Actual Sales Returns, and Sales Allowances, and Analyzing Gross Profit Percentage (LO 6-4, LO 6-6) (The following information applies to the questions displayed below.) Reyes Books, is a student co-op. Reyes Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $ 313,500 a. Sold merchandise for cash (cost of merchandise $171,670) b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $656) C. Sold merchandise (costing $10,260) to customer on account with ters/ 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. 1. Anticipate further return of merchandise (cost $228) after month and from sales made during the month 1,690 22,800 11,400 1.380 840 CP6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Reyes Books Not Sales Gross Profit