Kelly Creations is a wholesaler of hair supplies. Kelly Creations uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $33,477). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $350). c. Sold merchandise (costing $8,455) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). $ 59,520 380 17,800 8,900 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 186 390 f. Anticipate further returns of merchandise (costing $270) after year-end from sales made during the year. Required: 1. Compute Net Sales and Gross Profit for Kelly Creations. Net Sales Gross Profit