! Required information PA6-3 (Algo) Recording Sales with Discounts and Estimated and Actual Returns, and Analyzing Gross Profit Percentage (LO 6-4, LO 6-5) [The following information applies to the questions displayed below.] Hair World Incorporated is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $ 56,960 a. Sold merchandise for cash (cost of merchandise $32,037). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $310). c. Sold merchandise (costing $7,315) to a customer on account with terms n/60. 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 $230) after year-end from sales made during 340 15,400 7,700 178 the year. 350 PA6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Hair World. Net Sales $ 71,844 Gross Profit $ 39,042