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.] Chander Bookstore, is a student co-op. Chander Bookstore uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: b. Received merehandiso returned by customers as unsatisfactory (but in perfeet $310,750 a. Sold merchandise for cash (cost of merchandise $170,270). rofund (original cost of merehandise $652 ). c. Sold merchandise (costing $10,170) to a customer on account with terms n/30. d. Collected half of the balance oved by the customer in (c). e. Granted a partial allowance relating to credit bales the customer in (c) bad not yet paid. 1,360 f. Anticipate further returns of merchandise (costing $226 ) after month-end fror sales made during 830 the month. CP6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Chander Bookstore