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Required information [The following information applies to the questions displayed below.] Myers Books & More, is a student co-op. Myers Books & More uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $ 316, 256 a. Sold merchandise for cash (cost of merchandise $173,070). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $660). c. Sold merchandise (costing $10,350) to a customer on account with terms n/30. 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 month-end from sales made during the month. 1,680 23, eee 11,500 1,400 85a Required: 1. Compute Net Sales and Gross Profit for Myers Books & More. Net Sales Gross Profit Required information [The following information applies to the questions displayed below.] 14 Myers Books & More, is a student co-op. Myers Books & More uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $ 316, 250 a. Sold merchandise for cash (cost of merchandise $173,070). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $660). c. Sold merchandise (costing $10,350) to a customer on account with terms n/30. 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 month-end from sales made during the month. 1,680 23,000 11,500 1,460 K 850 ces 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %