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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: $51,20|0 a. 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 $360). c. Sold merchandise (costing $4,750) to a customer on account with terms n/60 d. Collected half of the balance owed by the customer in (c). e. Granted a 600 10,000 5,000 partial allowance relating to credit sales the customer in (c) had not yet 160 paid PA6-3 Part 1 Required: 1. Compute Net Sales and Gross Profit for Hair World. Net Sales Gross Profit