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] Hughes Hair Design is a wholesaler of hair supplies. Hughes Hair Design uses a perpetual Inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $32,397). $ 57,600 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition for cash refund (original cost of merchandise $320) c. Sold merchandise (costing 57,600) to a customer on account with terms n/60. 16.080 d. Collected half of the balance owed by the customer in (c). 8,000 e. Granted a partial allowance relating to credit says the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $248) after year-end from sales made during the year. 350 180 360 PA6-3 (Algo) Part 1 PA6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Hughes Hair Design Net Sales Gross Profit