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.] Bailey's Beauty World is a wholesaler of hair supplies. Bailey's Beauty World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $33,837). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $360). c. Sold merchandise (costing $8,740) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). $ 60,160 390 18,400 9,200 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet. 188 paid. f. Anticipate further returns of merchandise (costing $280) after year-end from sales made during the year. 400 PA6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Bailey's Beauty World. Net Sales $ 78,170 Gross Profit $ 5,000