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) Handy Howard's Incorporated, is a student co-op. Handy Howard uses a perpetual inventory system The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $167,470) $ 305,250 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $644). c. Sold merchandise (costing 59,998) to a customer on accourle with terms m/3e. 22,200 d. Collected half of the balance owed by the customer in (c) 11,100 3. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1,320 f. Anticipate further returns of merchandise (costing $222) after month-end from sales made during the 1,740 month. 810 6-3 (Algo) Part 1 CP6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Handy Howard. Answer is complete but not entirely correct. Net Sales Gross Profit $ 324 390 X $ 147,574 CP6-3 (Algo) Part 2 2. Compute the gross profit percentage (Round your answer to 1 decimal place.) Gross Profit Percentage % 2