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.] Ross \& Company is a wholesaler of hair supplies. Ross uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $33,117 ). for cash refund (original cost of merchandise $340 ). c. Sold merchandise (costing $8,170 ) to a customer on account with terms n/60. 17,200 d. Collected half of the balance owed by the customer in (c). 8,600 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet 184 f. Anticipate further returns of merchandise (costing $260 ) after year-end from sales made during the year. PA6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Ross. 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.)