Required information CP6-3 (Algo) Recording Cash Sales, Credit Sales, Estimated and Actual Sales Returns, and Sales Allowances, and Analyzing Gross Profit Percentage [LO 6-4, LO 6-6] [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: a. Sold merchandise for cash (cost of merchandise $160,470). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $624). c. Sold merchandise (costing $9,540) 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 $212) after month-end from sales made during the month. $291,500 1,690 21,200 10,600 1,220 760 CP6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Myers Books & More. Answer is complete but not entirely correct. Net Sales $309,030 Gross Profit $ 140,186 (