PB$6-3($Algo$)$ Recording Sales 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.$]$

Northside Hardware $($NH$)$ is a local hardware store. NH uses a perpetual inventory system. The following transactions $($summarized$)$ have been selected for analysis:

a$.$ Sold merchandise for cash $($cost of merchandise $$288,350).$

b$.$ Received merchandise returned by customers as unsatisfactory $($but in perfect condition$)$ for cash refund $($original cost of merchandise $$3,000).$

c$.$ Sold merchandise $($costing $$4,920)$ to a customer on account with terms $\frac{n}{30}.$

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 $$2,980)$ after year$-$end from sales made during the

$$660,000$

year.

$4,800$

$8,200$

$4,100$

$1,750$

$4,600$

PB$6-3($Algo$)$ Part $1$

Required:

Compute Net Sales and Gross Profit for NH$.$