PA6-3 (Static) Recording Sales with Discounts and Estimated and Actual Returns, and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5) [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 elected for analysis: $ 51,280 o. Sold merchandise for cash (cost of merchandise $28,797) b. Received merchandise returned by customers as unsatisfactory (but in perfect condition for cash refund (original cost of merchandise $220). c. Sold merchandise (costing $4,750) to a customer on account with term 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 f. Anticipate further returns of merchandise (costing $140) after year-end from sales made during 250 10, 5,000 160 the year 35e PA6-3 (Static) Part 1 Required: 1. Compute Net Sales and Gross Profit for Hair World Net Sales 50.800