PA6-3 Recording Sales with Discounts and Returns and Analyzing Gross Profit Percentage [LO 6-4, LO 6- 5) [The following information applies to the questions displayed below.) Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $79,200 a. Sold merchandise for cash (cost of merchandise $42,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $570 ). c. Sold merchandise (costing $8,075 ) to a customer on account with terma n/60. 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. 950 17,000 8,500 272 PA6-3 Part 1 Required: 1. Compute Net Sales and Gross Profit for Hair World. Net Sales Gross Profit