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.) Mendoza Incorporated, is a student co-op. Mendoza uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $161,870). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $628). c. Sold merchandise (costing $9,630) 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 $214) after month-end from sales made during $ 294, 250 1,700 21,400 10,700 1,240 the month. 770 CP6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Mendoza. Net Sales Gross Profit $ $ 311,940 141,274